Prosus Ventures and TPG Growth are leading an investment of $350 million (~Rs 2,570 crore) in API Holdings, the parent company of online pharmacy Pharmeasy, reported the Economic Times. The deal reportedly values Pharmeasy at $1.5 billion, making API Holdings the latest unicorn in India.
The deal also saw participation from existing investors Temasek, CDPQ, LFT Lightrock, Eight Roads, and Think Investments, and will be a mix of primary and secondary capital. API Holdings reportedly said $323 million in funding had already been received and another $27 million would soon be closed.
The company will reportedly use the fresh funds to expand the pharmacies it works with from 80,000 to 120,000 in the next 12 months. It wants to expand the number to 200,000 in the two years thereafter and be present in 100 cities. API Holdings had also acquired smaller online pharmacy Medlife in exchange for a 19.59% stake in the company last year.
As for the larger online pharmacy industry, Reliance Industries Ltd. has acquired a majority stake in Chennai-based Netmeds. Tata Group is reportedly looking at acquiring a majority stake in 1 mg.
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