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PharmEasy’s CEO Siddharth Shah steps down; Thyrocare chief Rahul Guha to take over

EntrackrEntrackr · 1m ago
PharmEasy’s CEO Siddharth Shah steps down; Thyrocare chief Rahul Guha to take over
Medial

Siddharth Shah, cofounder and current MD and CEO of API Holdings, the parent company of PharmEasy and Thyrocare, is stepping down from his executive role. He will take on the role of Vice Chairman and Director of the company effective August 27, 2025. Rahul Guha, who currently serves as the MD and CEO of Thyrocare, will take over as the new MD and CEO of API Holdings. The announcement was made through regulatory filings by Thyrocare on Wednesday and is part of a wider leadership transition within the group. Guha will continue to lead Thyrocare alongside his new responsibilities at API. Before this appointment, Guha held the position of President of Operations at API, where he was responsible for overseeing integration and coordination across the group companies. For background, PharmEasy had acquired a majority stake (66.1%) in Thyrocare for Rs 4,546 crore in June 2021. Guha’s appointment reflects API’s focus on consolidating leadership across verticals as the company navigates a difficult funding environment and prepares for a possible public listing. API had filed draft IPO papers in 2021 but later withdrew them due to market conditions. PharmEasy has raised about $1.1 billion from investors including MEMG, Prosus, and Temasek. In April 2024, it secured $216 million at a steep 90% drop in valuation to $710 million. Earlier this year, PharmEasy’s three cofounders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia stepped back from the Bengaluru-based firm. They recently launched their new venture All Home. The company secured an undisclosed investment round led by Bessemer Venture Partners at a valuation of more than $120 million, with Siddharth Shah also participating as an investor.

PharmEasy raises fresh debt to clear Goldman Sachs loan after 90% valuation cut

EntrackrEntrackr · 1d ago
PharmEasy raises fresh debt to clear Goldman Sachs loan after 90% valuation cut
Medial

PharmEasy raises fresh debt to clear Goldman Sachs loan after 90% valuation cut Mumbai-based healthtech unicorn PharmEasy has raised Rs 1,700 crore ($193 million) in debt funding led by 360 One, with participation from Alkram Ventures, MVS Ventures, Bennett Coleman, and other investors. The debt round is the firm’s third infusion in four years, highlighting its ongoing dependence on high-cost borrowing to service earlier loans. The fresh debt infusion looks to complete repayment of its Goldman Sachs loan, which it had raised in May 2022 for Rs 2,700 crore at a high interest rate to refinance the Rs 2,200 crore Kotak Mahindra Bank loan used to acquire Thyrocare in 2021. The Goldman Sachs’ loan had certain financial conditions tied to the company’s spending, which were breached in June 2023, though PharmEasy has continued to make all payments on time. The 360 One-led debt round involves the allotment of 1,700 non-convertible debentures at Rs 10 lakh each, as per the filings with the Registrar of Companies. 360 One contributed Rs 1,231 crore, while Micro Labs Limited put in Rs 210 crore. MVS Ventures invested Rs 78 crore, with Bennett Coleman and Alkram Ventures contributing Rs 50 crore and Rs 42 crore, respectively. Eight other investors, including Kyrush Investments, Medley Pharmaceuticals, and Mahalaxmi Trust, covered the remaining sum. This fundraising follows a $216 million capital raise in April 2024, which came at a 90% valuation haircut to $710 million from PharmEasy’s $5.6 billion peak in 2021. That round, led by MEMG with participation from Prosus, Temasek, and others, was aimed at shoring up finances amid slowing growth and high debt obligations. Founded in 2019, PharmEasy offers pharmaceutical products, diagnostics, and teleconsultations through its web and mobile platforms. The company has now completed its third circle of debt, highlighting the ongoing challenge of balancing aggressive growth ambitions with high-cost leverage. Over the past two years, the company saw the exit of all co-founders and major changes at the leadership level, with Rahul Guha, MD and CEO of Thyrocare, taking over as MD and CEO of PharmEasy. For FY25, PharmEasy reported flat revenue of Rs 5,872 crore while cutting losses by 38% to Rs 1,572 crore from Rs 2,533 crore in FY24, signaling modest operational improvements even as debt obligations remain a critical focus.

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