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PharmEasy parent raises Rs 328 cr from ADQ and others in pre-IPO round
Photo Credit: 123RF.com

API Holdings Ltd, the company that operates e-pharmacy PharmEasy, has raised an additional Rs 328.4 crore in its pre-IPO round from six investors, according to filings seen by VCCircle

It was previously reported that the company plans to raise $350 million as part of its pre-IPO round that shall include both primary and secondary parts at a post-money valuation of $5.6 billion.

On Wednesday, the company issued an aggregate of 5,56,610 equity shares at Rs 5,900 apiece to six investors.  

As part of the transaction previously, it had issued over 16 lakh equity shares and 7.19 lakh compulsorily convertible preference shares (CCPSXXVI) for gross proceeds of about Rs 1,373 crore ($185.77 million). 

In this tranche, founder-trio of Marg ERP Ltd (an MSME business application software company) -- Anup Singh, Sudhir Singh, and Mahender Singh -- bought 2,12,204 equity shares for gross proceeds of Rs 125.2 crore.

Abu Dhabi’s sovereign wealth fund ADQ, through Beta Oryx Ltd, invested Rs 74 crore in over 1.25 lakh shares. 

OrbiMed, which has previously invested about Rs 163 crore in the round, subscribed to an additional 1 lakh shares for Rs 59.2 crore. 

Additionally, Prasid Uno Family Trust, the family trust of Medlife’s founder Tushar Kumar put Rs 70 crore in the company. 

Interestingly, PharmEasy on September 24, 2021 completed the acquisition and amalgamation of its rival Medlife International, according to the disclosures. 

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