Indian healthcare startup PharmEasyhas been on a disruptive expansion recently. API Holdings acquired Medlife last month, and recently it has reached an agreement to acquire a 66.1% stake in Thyrocare, which runs a diagnostic lab chain, for about $613 million. However, the transaction still needs regulatory and other applicable customary approvals.
Adding up to it, Pharmeasy has raised an additional $300 million from its existing investors, primarily to fund its acquisition of Thyrocare, said Siddharth Shah, CEO, API Holdings. He also said that once the acquisition of the diagnostics company is complete, Pharmeasy will aim to have its (IPO) within 6 to 18 months. "All options are being considered for the listing, but we will finalize it once the Thyrocare deal is formally closed," he added.
The total capital raised by the company since April is now over $650 million, and Pharmeasy is now valued at $4 billion.Investors who participated in the additional fundraising round included Facebook co-founder Eduardo Sevarin's B Capital, Prosus (earlier Naspers), Singapore's Temasek, and Think Investments. Kotak Group's private equity armwas the new investor in the funding. The CEO also confirmed that Tiger Global is also consideringinfusing more capital into the company.The acquisition is poised to be one of the biggest in the Indian Medical sector, where PharmEasy acquired a 66.1 percent stake in Thyrocare Technologies.
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