India’s major online pharmacy, diagnostics and medical consultation startup PharmEasy is eyeing raising 1 billion dollars in its Initial Public Offering at a valuation of 9 billion dollars scheduled later this year, firstly reported by Live Mint.
API, the parent company will raise the amount via a fresh issue of shares, two people directly connected with the companies told Mint on the condition of anonymity. Furthermore, none of its existing investors, shareholders and founder will be selling their shares.
Prosus Ventures, TPG Growth, CDPQ and Temasek are some of the top investors of the company.
It is interesting to note that the valuation of Pharmeasy has already seen an increase of threefold in just a period of fewer than four months. In April, It had raised $350 million at a valuation of $1.5 billion.
The two unnamed individuals also stated that the firm is looking for similar possibilities in the future.
In April, the business received around 350 million dollars from Prosus Ventures and TPG Growth, making it the first Indian pharmacy to enter into the unicorn club, and in June, it acquired a controlling stake in Thyrocare Technologies.
Founded in 2015 by Dhaval Shah and Dharmil Sheth, PharmEasy is India’s leading online pharmacy platform, that has spread across 1000+ cities in the country, including Mumbai, Delhi, Kolkata, Bengaluru and Ahmedabad. It has delivered over 15 million orders to households across the country, including medications, healthcare goods, diagnostic services, and much more.