PharmEasy, founded by Dharmil Sheth and Dhaval Shah in 2015, has seen its valuation triple in less than four months.
In April, she raised around $ 350 million from Prosus Ventures (formerly Naspers) and TPG Growth for a valuation of $ 1.5 billion, becoming India’s first e-pharmacy unicorn.
On June 26, API Holdings acquired a majority stake in Thyrocare Technologies for ??4,546 crores.
Mint reported in June that PharmEasy had hired Morgan Stanley and Kotak Mahindra Capital as advisers for its IPO.
In May, PharmEasy finalized the acquisition of small rival Medlife to become India’s largest online pharmacy and healthcare aggregator. It currently delivers drugs to over 1,000 cities across the country and offers diagnostic testing services to all major cities.
According to a report by consultant EY, the e-pharma space is expected to grow at an average annual growth rate of 18.1% to reach $ 18.1 billion by 2023.
Growth will be driven by an increase in the market for acute targetable drugs due to more efficient last mile delivery through collaboration with local pharmacies and hyperlocal delivery companies, according to the report.
Several large groups have entered the online pharmacy segment through acquisitions and organic games.
In August last year, Reliance Industries, led by Mukesh Ambani, acquired a controlling stake in Chennai-based online pharmacy Netmeds (Vitalic Health Pvt. Ltd) for ??620 crores.
In June, Tata Digital Ltd, a unit of Tata Sons Pvt. Ltd, took a controlling stake in digital health and electronic pharmacy company 1MG Technologies Pvt. Ltd. In August last year, US online retail giant Amazon launched its online pharmacy in India.