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PharmEasy’s parent company API Holdings has acquired a 66.1 percent stake in Thyrocare Technologies Ltd (Thyrocare) from Dr A Velumani at Rs 1,300 per share, aggregating to Rs 4,546 crore.
The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies Pvt Ltd, a 100 percent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 percent stake.
This marks PharmEasy’s second acquisition in 2021. Earlier in May, it acquired Medlife for an undisclosed amount, making the e-pharmacy unicorn India’s largest medicine delivery platform.
In April this year, the Mumbai-headquartered startup entered the coveted billion-dollar club after raising $350 million in a Series E funding round led by Prosus Ventures and TPG growth, at a reported valuation of $1.5 billion.
Founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah, PharmEasy connects over 60,000 brick and mortar pharmacies and 4,000 doctors in 16,000 zip codes across India.
The Interview
In the latest episode of #HumanBeyondResources, Wow! Momo Foods Co-founder and CEO Sagar Daryani spoke about ensuring that none of the company’s 3,000 QSR employees loses their job. He also discussed plans to enter the FMCG space, launching new brands, the revival of the restaurant industry, and more.
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Angel investor Abhishek Agarwal’s micro-VC fund Rockstud Capital has helped him make more institutional bets into startups.
Among the growing tribe of VCs in India, Mumbai-based Rockstud Capital differentiates itself for investing into both startups, which are privately held and unlisted, and also into publicly-listed companies. Read more.
Rockstud Capital founding partner Abhishek Agarwal
Startup Spotlight
How ambulance startup StanPlus is building ‘India’s 911’
StanPlus, a Hyderabad-based ambulance startup, claims its network saw a 10X jump in demand for patient transportation between March and May, compared to just a 3X increase during the first wave of the pandemic.
The startup currently operates in 10 cities through its fleet of 3,000 ambulances that have top-of-the-line equipment and trained paramedics on board. Read more.
News & Updates
- Zomato aims to increase the participation of women in its delivery fleet from 0.5 percent to 10 percent by the end of 2021.
- The RBI extends the directions it had earlier imposed on crisis-ridden PMC Bank till December 31. This comes after BharatPe and Centrum submitted a joint proposal to take over the bank, which the RBI said has found to be “prima facie feasible.”
- Orios Venture Partners announces the final close of its Select Fund I. Managing Partner Rehan Yar Khan said that they will be focusing on new commerce, healthtech, edtech, fintech, agritech, EVs, gaming, and digital brands.
- Omni-channel D2C eyewear brand Lenskart announces the launch of Lenskart Vision Fund. It plans to invest up to $2 million in each of the startups selected based on expertise in areas such as eyewear, eye care, and omnichannel retail sectors.
Before you go, stay inspired with…
“We started with the sole purpose of making affordable healthcare accessible to all in 2015. PharmEasy has now covered every single pin code across the country.”
— Dr Dhaval Shah, Co-founder, PharmEasy
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