Debt financing
Health-tech unicorn PharmEasy raises Rs.1,700-Cr
Mumbai-based health-tech unicorn PharmEasy has raised INR 1,700 crore (USD 193 million), led by 360 ONE (INR 1,231 crore) with participation from Micro Labs (INR 210 crore), MVS Ventures (INR 78 crore), Bennett Coleman (INR 50 crore), Alkram Ventures (INR 42 crore), Kyrush Investments, Medley Pharmaceuticals, and Mahalaxmi Trust.Founded in 2015 by Dharmil Sheth and Dhaval Shah, PharmEasy provides consumer healthcare products, comprehensive diagnostic test services, and teleconsultations on demand to customers.The funding will be used to repay its INR 2,700 crore Goldman Sachs loan, which the firm raised in May 2022 to refinance the INR 2,200 crore Kotak Mahindra Bank loan, which was used to acquire Thyrocare in 2021.
Between Jan-16 and Apr-24, PharmEasy had attracted about USD 2,442 M from Aarin Capital, Astarc Ventures, Bessemer, Orios VP, JM Financial, Trifecta Capital, Eight Roads Ventures, Fundamentum, Think Investments, CDPQ, Lightrock India, Temasek, Goldman Sachs, MEMG Family Office, 360 ONE, and others.For FY24, Pharmeasy had reported about INR 5,664.29 Cr in Operating Income and about INR 2,534.39 Cr in Net Loss.
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