Insta
After Acquiring Rival E-Pharmacy Chain Medlife, PharmEasy Now Plans $500 Million IPO At $3 Billion Valuation: Report
PharmEasy has acquired its rival Medlife (PharmEasy)
With an aim to raise around Rs 3,000-Rs 3,700 crore ($400-$500 million), online pharmacy chain PharmEasy has begun exploratory talks for a potential public market listing.
Multiple people aware of the development told The Economic Times that it will include both a primary as well as a secondary component, where some early backers will partially exit.
The initial public offering (IPO) is likely to value the company at around Rs 21,800 crore ($3 billion).
The development comes as the Covid-19 pandemic increased investor interest in the pharma sector and ecommerce space.
Investment firms such as TPG Growth, Prosus Ventures, Temasek, CDPQ, LGT Lightrock, Eight Roads and Think Investments hold about 80 per cent stake in API Holdings which is the parent entity of PharmEasy.
Also in the largest consolidation deal in India’s fast-growing online pharmacy sector, PharmEasy said on Tuesday (25 May) that it had acquired smaller rival Medlife.
“Medlife has catered to the country’s healthcare needs covering 465+ cities. This merger is sure to complement PharmEasy’s ever growing efforts in India’s healthcare space,” PharmEasy said in a blogpost.
It is reported that Medlife’s shareholders received a 19.59 per cent stake worth about $240 million in API Holdings.
Medlife will discontinue operations and will merge with PharmEasy, starting 25 May, 2021.
Medlife customers just need to login to the PharmEasy app to start using their Medlife account via the same mobile number. All their digitized prescriptions and saved addresses dating back to a year will be available on the PharmEasy app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
