Investors majors B Capital and Tiger Global are in talks to participate in Pharmacy Easy online. The agreement is expected to inform parent company e-pharmacy API Holdings nearly $ 1.8 billion, reports the Economic Times.
The company last raised $ 350 million in a round led by Prosus Ventures and TPG Growth for $ 1.5 billion, making it the seventh unicorn to leave India this year.
Read also: PharmEasy parent API Holdings raises $ 350 million to $ 1.5 billion value, joining unicorn club
Tiger Global is likely to draw money from its first capital, FarmEasy, and B Capital could take a second share in investing about $ 15-20 million, according to sources.
“Everstone want to sell its shares and B Capital may have opted for that, even though (Everstone) has spoken to a few others,” the report said.
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FarmEasy, which has recently acquired a small rival Medlife, is sponsored by brands such as Prosus Ventures (formerly Naspers Ventures), TPG Growth, Temasek, LGT Rightrocks, Eight Roads and Think Investments.
In the meantime, API Holdings is looking to publish and launch its first public offering (IPO) on FY22 to raise $ 1.2 billion. “Pharmeasy has listed Morgan Stanley and Kotak Mahindra Capital as investment advisers as advisers earlier this week. Many i-banks could step in over time.”
In the midst of this epidemic and lockout, India has seen an increase in demand for COVID-19-related products, medicines and supplements that have benefited pharmaceutical players, especially those offered online.
According to its Linkedin page, FarmEasy delivers medicines and health care products to 1,000+ cities in India, comprising 22,000+ codes.
