🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Log In
News on Medial
Ranjan Pai’s MEMG and 360 One get CCI nod to invest in API Holdings
Entrackr
·
1y
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.
1
View Source
Comments
See More Comments
More Like this
CCI clears Manipal Group chief Ranjan Pai, 360 One’s investment in PharmEasy
CCI Clears Ranjan Pai, 360 One’s Stake Acquisition In PharmEasy
CCI Approves Adani Power’s Acquisition of Lanco Amarkantak Power
CCI clears Ranjan Pai’s investment in PharmEasy
PharmEasy CEO has three-year lock-in, Ranjan Pai to get three board seats
BYJU’S, Aakash Shareholders flag valuation concern over Ranjan Pai’s $300 Mn conversion move
CCI Gives Nod To Ranjan Pai’s Manipal Group To Acquire Stake In Aakash Educational Services
PharmEasy parent API Holdings clocks ₹60 Cr EBITDA in H1 FY24
Exclusive: PharmEasy raises $216 Mn led by MEMG at $710 Mn valuation
Ranjan Pai’s stake buy in Byju's Aakash Educational Services gets CCI green signal
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
May 2025
BugBytes
GenAlpha masters STEM with Cinderella & Ganesha.
PixelPeak
Bringing hope to life, one thought at a time.
PenseeWeb Studios
When Study Apps Failed, We Built Our Own System
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in