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PharmEasy parent API Holdings clocks ₹60 Cr EBITDA in H1 FY24

YourStory

YourStory · 1y ago

PharmEasy parent API Holdings clocks ₹60 Cr EBITDA in H1 FY24

API Holdings, the parent company of PharmEasy, Docon, Thyrocare, and Retailio, has reported a cumulative EBITDA of Rs 60 crore for the April to September period of 2023. The company aimed for profitability by April 2023 and has achieved positive EBITDA for all six months of FY24. API Holdings also launched a rights issue worth Rs 3,500 crore, which has been oversubscribed. Ranjan Pai, Founder of Manipal Health Enterprises, has agreed to invest Rs 1,200 crore. Axelia Solutions Pvt Ltd, the operator of PharmEasy's platform, reported a revenue of Rs 256 crore and reduced losses for the financial year ended March 2023.

Related News

PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats

Economic Times

Economic Times · 1y ago

PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats

PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats. The CEO of PharmEasy, Dhaval Shah, will have a three-year lock-in period as part of the company's acquisition deal with API Holdings. Additionally, Ranjan Pai, the chairman of Manipal Education and Medical Group, will receive three board seats in the company. PharmEasy is an online pharmacy and healthcare platform that recently announced a merger with API Holdings, the parent company of diagnostic chain Thyrocare.

Manipal Group to invest ₹1,000 crore in PharmEasy: Report

Inshorts · 2y ago

Manipal Group to invest ₹1,000 crore in PharmEasy: Report

According to Moneycontrol, API Holdings, the parent company of online pharmacy PharmEasy and promoter of Thyrocare, is in talks for a fundraising initiative to repay its debt. The Manipal Group has shown interest in investing around ₹1,000 crore for an 18% stake in API Holdings, which would result in a post-money valuation. Additionally, the Manipal Group may secure a position on the API Holdings board.

Naspers, Temasek get CCI approval to purchase stakes in PharmEasy

Livemint

Livemint · 1y ago

Naspers, Temasek get CCI approval to purchase stakes in PharmEasy

The Competition Commission of India (CCI) has approved the proposals of various entities, including Naspers and Temasek, to purchase stakes in PharmEasy. The approved entities include Naspers Ventures, Temasek Holdings, CDPQ Private Equity Asia, DBS Group Holdings, and Goldman Sachs India Alternative Investment Trust. The proposed deals involve the acquisition of additional shares through a rights issue and subscription of compulsorily convertible preference shares (CCPS) of API Holdings, the parent company of PharmEasy.

PharmEasy-Owned Thyrocare to acquire Think Health diagnostics to offer ECG services at home

Inc42 · 1y ago

PharmEasy-Owned Thyrocare to acquire Think Health diagnostics to offer ECG services at home

Thyrocare, a diagnostics platform owned by PharmEasy, is acquiring Chennai-based Think Health Diagnostics to offer ECG services at home. The acquisition will also help Thyrocare tap into the insurance segment. Think Health Diagnostics currently operates in 10 cities across India. The deal will create a phlebotomy network with over 100 phlebotomists trained in providing ECG services. API Holdings, the parent company of PharmEasy, acquired a majority stake in PharmEasy in 2021.

CCI Clears Ranjan Pai, 360 One’s Stake Acquisition In PharmEasy

Inc42 · 1y ago

CCI Clears Ranjan Pai, 360 One’s Stake Acquisition In PharmEasy

Ranjan Pai, Chairman of the Manipal Group, has received approval from the Competition Commission of India (CCI) to invest in online pharmacy company PharmEasy's parent company, API Holdings. This investment will make Pai one of the largest investors in PharmEasy with a stake of over 12% and a seat on the company's board. The CCI has also cleared an additional investment from 360 One in PharmEasy. Pai's investment is part of PharmEasy's INR 3,500 Cr rights issue that concluded in October 2021. PharmEasy has been working towards profitability, reducing losses by 16.23% in FY23.

PharmEasy Raises INR 1,804 Cr At A 90% Valuation Cut

Inc42 · 1y ago

PharmEasy Raises INR 1,804 Cr At A 90% Valuation Cut

PharmEasy has raised INR 1,804 Cr ($216.2 Mn) in a down round led by the family office of Manipal Group chairman Ranjan Pai. The funds were raised through a rights issue at a 90% valuation cut compared to the startup's peak valuation in October 2021. The company plans to convert the cumulative convertible preference shares (CCPS) into equity shares. This funding comes after the Competition Commission of India approved investment proposals from several investors for API Holdings, PharmEasy's parent company. The funds will be used to clear a significant portion of the company's outstanding debt to Goldman Sachs.

Pharmeasy parent reports Rs 5,212 crore loss in FY23; revenue up by 16%

IndianStartupNews

IndianStartupNews · 1y ago

Pharmeasy parent reports Rs 5,212 crore loss in FY23; revenue up by 16%

Mumbai-based API Holdings, the parent company of PharmEasy, has reported a 16% increase in revenue to Rs 6,643.9 crore. However, the company faced a net loss of Rs 5,211.7 crore, a 31% increase from the previous year. The revenue primarily comes from the sale of pharmaceutical and cosmetic products, while expenditure increased slightly. PharmEasy has been implementing cost-cutting measures and raised funds to repay debt. Despite financial challenges, the company remains a key player in the online pharmacy market, competing with Tata 1mg, MediBuddy, and Practo.

CCI clears Manipal Group chief Ranjan Pai, 360 One’s investment in PharmEasy

IndianStartupNews

IndianStartupNews · 1y ago

CCI clears Manipal Group chief Ranjan Pai, 360 One’s investment in PharmEasy

Manipal Education and Medical Group (MEMG) and 360 One have been given permission by the Competition Commission of India (CCI) to invest in API Holdings, the parent company of online pharmacy giant PharmEasy. MEMG is expected to invest Rs 1,000 crore for an 18% stake in the company. Ranjan Pai, a previous backer of PharmEasy, will also acquire a significant stake in the company, making him one of the largest investors with over 12% ownership. This investment is part of a larger Rs 3,500-crore rights issue aimed at repaying debt and stabilizing the company's financials.

Ranjan Pai’s MEMG and 360 One get CCI nod to invest in API Holdings

Entrackr

Entrackr · 1y ago

Ranjan Pai’s MEMG and 360 One get CCI nod to invest in API Holdings

Competition Commission of India (CCI) has approved a subscription to CCPS B of API holding by Ranjan Pai’s MEMG (Manipal Education and Medical Group) and 360 One. The decision was followed by CCI’s previous approval where multiple combination proposals entailed investments by marquee investors such as Goldman Sachs, Naspers, Temasek, and CDPQ in API Holdings Ltd., the parent company of PharmEasy. While the size of investment from Manipal Education and Medical Group) and 360 One are unknown, MEMG was reportedly looking to invest Rs 1,000 crore for an 18% stake in API Holdings. Pai backed PharmEasy in its early days and eventually exited from the Mumbai-based firm a few years ago. Pai will have three board seats after the investment, filing added. PharmEasy is trying to raise around Rs 3,500 crore for the past three quarters to repay debt which it took from Goldman Sach. The company defaulted on its loan covenant terms with Goldman Sachs and ever since then its valuation slashed nearly around 50% by its investor Janus Henderson. Prior to this, Neuberger Berman reduced PharmEasy’s valuation by 21.4% to $4.4 billion as of February 2023. The company was valued at $5.6 billion at its peak. PharmEasy had reported improved financials in the last fiscal year as its revenue from operations grew 16% to Rs 6,644 crore in FY23. As per the startup data intelligence platform TheKredible, the cost cutting measures helped PharmEasy control its losses by 16% which stood at Rs 2289 crore in the fiscal year ending March 2023.

Meesho clinches top spot in Prosus’ India Portfolio in H1 FY24

Inc42 · 1y ago

Meesho clinches top spot in Prosus’ India Portfolio in H1 FY24

Meesho emerged as the top performer in Prosus' India portfolio for H1 FY24, with an internal return rate (IRR) of 32%. ElasticRun followed closely with an IRR of 31%. PayU India also performed well, recording returns exceeding 30%. On the other hand, PharmEasy and BYJU'S underperformed, with IRRs of -41% and -24% respectively. Improved market sentiment and a focus on profitability and sustainability contributed to the mixed bag of results. Prosus reported an operating loss of $415 million for H1 FY24, attributed in part to impairment losses in edtech investments.

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