M&A

M&A

Online pharmacy Truemeds in talks to acquire e-commerce co. DealShare

Economic Times  

Mumbai-headquartered online pharmacy Truemeds is in talks to acquire Bengaluru-based e-commerce firm DealShare through a share-swap transaction. Under the proposed structure, Truemeds will issue shares to the investors of DealShare at a valuation of approximately USD 600-M, while DealShare is expected to be valued at its cash-on-books balance of USD 90-M plus a small premium. WestBridge Capital is an investor in both firms.Founded in 2018 by Vineet Rao, Sourjyendu Medda, Sankar Bora, and Rajat Shikhar, DealShare operated a social-commerce model focused on group buying and low-priced groceries for consumers in smaller cities.DealShare reached a valuation of USD 1.7-B in early 2022 after raising USD 210-M. However, the firm subsequently faced business contraction, leading to multiple management changes, layoffs, and the shutdown of its business-to-business vertical.Truemeds, founded in 2019 by Akshat Nayyar and Kunal Wani, reported net revenue of INR 510-Cr for FY25, compared to INR 315-Cr in the previous year.

Between Jan 2019 and Feb 2022, DealShare had attracted about $387-M from Alpha Wave Global, Dragoneer Investment Group, Kora Management, Tiger Global, Unilever Ventures, Others.For FY25, DealShare had reported about INR 432 Cr in Operating Income and about INR 89 Cr in Net Loss.