Online drug delivery, diagnostics and medical consultation startup PharmEasy is said to be aiming to list on the Indian bourses to raise $1 billion at a valuation of $9 billion later this year, reports Livemint.
The IPO by API Holdings Limited, the parent of PharmEasy, will raise the entire amount via fresh issuance of shares and none of the company's existing set of investors and the founders will be selling their shares. The company's top investors include notable names like Prosus Ventures, TPG Growth, CDPQ and Temasek.
It should be noted that PharmEasy has already seen its valuation jump threefold over a course of less than four months. It had raised $350 million at a valuation of $1.5 billion in April.
This comes at a time when the sector has already seen the entry of heavyweights like the N Chandrasekharan led Tata Group and Mukesh Ambani led Reliance Industries Limited (RIL). While the Tata Group had earlier this year acquired a majority stake in Gurugram based 1mg, RIL had last year acquired a majority stake in Netmeds.
PharmEasy was founded by Dharmil Sheth and Dhaval Shah in 2015.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.