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Pharma majors-backed digital health firm to acquire Pharmarack
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Digital health firm ABCD Technologies LLP, which counts top Indian drug makers as investors, has agreed to fully acquire Pharmarack, a healthtech platform that lets businesses automate sales and operations. 

Under the deal, ABCD (to be renamed as IndoHealth Services LLP) has already bought around 92% of the firm, providing an exit to early-stage venture company IvyCap Ventures.

IvyCap generated an annual internal rate of return (IRR) of 104% from the deal -- a quick and stellar exit for the firm which had invested Rs 21 crore in 2019.

According to its website, Pharmarack allows businesses to process, track and settle orders.

Last month, Sun Pharma, Lupin, Cadila Healthcare and Torrent Pharma said they were picking up 20% stake each for Rs 40 crore each in ABCD. Later Cipla also entered into an agreement to invest up to Rs 40 crore.

ABCD was set up in February 2020 to enable stakeholders to provide better and more affordable patient-care solutions, in line with the National Digital Health Mission. NDHM has the mandate to develop digital health infrastructure for the country.

ABCD will be a holding entity and would undertake business through one or more subsidiaries.

Several other health-tech ventures have attracted investor attention in the recent past.

For example, last month, HealthPlix Technologies Pvt Ltd, which runs an artificial intelligence-based medical records platform, raised $13.5 million as part of its ongoing Series B round.

MediBuddy, formerly DocsApp, also closed its Series B round of $40 million last month.

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