Mumbai-based 91 Streets Media Pvt. Ltd, which operates online drug delivery platform PharmEasy, has topped up its Series B round with another $2 million (Rs 12.8 crore), taking the total funding raised in the round to $18 million.
In an email sent to its subscribers, early-stage venture fund Orios Venture Partners said that venture debt provider Trifecta Capital joined as a new investor while Series A investor Astarc Ventures also took part in the round.
VCCircle had reported on the deal last month, which saw PharmEasy raise $16 million (Rs 105 crore then) led by three of its existing investors: Ascent Health And Wellness Solutions, Bessemer Venture Partners and Orios Venture Partners.
While other media reports said Bessemer led the round, people privy to the development had told VCCircle that Ascent Health was the lead investor, putting in as much as Rs 34 crore ($5.2 million), followed by Bessemer (Rs 32 crore or $4.9 million) and Orios (Rs 18 crore or $2.7 million).
However, the newsletter circulated by Orios Venture Partners does not mention any investment by Ascent Health.
VCCircle was the first to report that academician and stock market value investor Shivanand Mankekar, along with his wife Laxmi and son Kedar, picked up a 7.15% stake in the company by investing Rs 20 crore ($3 million).
PharmEasy had last year raised around Rs 33 crore ($5 million then) in Series A funding from Ascent, Bessemer, Orios, Aarin Capital, Astarc Ventures and Bessemer portfolio firm Medi Assist Healthcare Services Pvt. Ltd, which has a health insurance third-party administrator business arm.
PharmEasy was valued at Rs 241 crore ($37 million as per current exchange rates) post-money in a transaction sealed this January. In the Series A transaction last year, it was valued at Rs 97 crore. The pre-money valuation in the Series B round is pegged at Rs 136 crore, a rise of 40%, as per VCCircle estimates.
The Mumbai-based company was founded in 2015 by Dhaval Shah and Dharmil Sheth. Shah has an MBBS degree from Rajiv Gandhi Medical College, and an MBA from XLRI Jamshedpur. Sheth has an MBA from IMT Ghaziabad.
Essentially an e-pharmacy that connects patients with pharmacy stores, PharmEasy uses a tech-enabled lead-generation platform that helps customers get cheaper diagnostic tests. It also helps them digitise their medical records.
Currently, it delivers medicines in Mumbai, Delhi, Noida, Gurgaon, Kolkata, Pune, Bangalore, Jaipur and Ahmedabad. However, its diagnostic test offering is available only in Mumbai, Delhi, Kolkata, Pune, Bangalore and Ahmedabad, according to information available on its website.
For the year ended 31 March 2016, PharmEasy along with its subsidiary Thea Technologies reported revenues of Rs 22 lakh and a net loss of Rs 10.58 crore. It is pitted against other funded players, such as 1mg, Netmeds and Lybrate.