PE Fund Investments
Online drugstore PharmEasy raises $216-M led by MEMG at $710-M valuation
Bengaluru-based API Holdings, the parent company of online pharmacy PharmEasy , has raised INR 1,804 crore (USD 216 million) led by MEMG (Ranjan Pai's family office) and other existing investors. MEMG led the round with INR 800 crore while Prosus, Temasek, and 360 One invested INR 221 crore, INR 183 crore, and INR 200 crore, respectively. CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital participated with a cumulative INR 400 crore. The USD 710 million valuation imputed by the round represents a 90% fall from the former Unicorn’s peak valuation (of USD 5.6 Billion in 2021).API Holdings will allot 18,63,74,897 cumulative convertible preference shares (CCPS) at INR 96.8 each to raise INR 1,804 crore. The CCPS will convert into equity shares in the ratio of 1:20.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
