Private equity firm TPG Capital is looking forward to acquire 7 per cent stake in e-pharmacy startup PharmEasy and has sought permission from the Competition Commission of India (CCI).
US-based TPG will carry the proposed investment through its special purpose vehicle unit in Singapore. “API Holdings will use this financing to deepen its distribution network across India and build innovative technology-first products to connect the entire ecosystem and give affordable access to healthcare across India,” according to regulatory filing.
The filling did not disclose any other transactional details. Earlier, it was revealed that TPG will invest $100 Million in Pharmaeasy valuing it at a unicorn valuation of $1.2 Bn for this funding round, according to media reports.
The development comes after two months when the healthtech startup has received CCI’s approval on merging with its rival Medlife. The deal has seen PharmEasy’s parent company API Holdings acquiring 100 per cent stake in Medlife and Medlife’s promoters get 19.95 per cent stake in the combined entity.
PharmEasy was founded by Sheth and Dr. Dhaval Shah in 2015. It has raised a total funding of $328 million so far, from investors including Temasek, Bessemer Venture Partners, and Nandan Nilekani, among others. Recently, the company has also announced an employee stock ownership plan (ESOP) buyback plan of $3 million, benefiting about 40-45 employees.