API Holdings, the father or mother firm of e-pharmacy, PharmEasy, on Wednesday mentioned that it has closed $323 million as part of its Sequence E fund elevate in a mixture of main and secondary funding, from Prosus Ventures (previously Naspers Ventures) and TPG Progress.
Current traders together with Temasek, CDPQ, LGT Lightrock, Eight Roads and Assume Investments additionally participated within the Sequence E spherical.
With this spherical the overall valuation of the entity has hit $1.5 billion, including itself to the flurry of startups turning right into a unicorn, in keeping with two people conscious of the dialogue.
Based on the corporate, the brand new funds raised will permit the corporate to deepen its relationships and penetration in present geographical markets because it appears to achieve over 100,000 pharmacies within the subsequent 12 months.
The brand new funding can even allow the corporate to additional construct out its platform to offer an elevated vary of providers to healthcare practitioners and sufferers.
“Now we have been capable of not solely present shoppers with a lot quicker and simpler entry to the healthcare services they want, however that we’ve been in a position to take action by empowering and digitising 60,000 small pharmacy shops that present such a vital service to the Indian public,” mentioned Siddharth Shah, co-founder and chief government of API Holdings.
API Holdings presently claims to attach over 60,000 brick and mortar pharmacies and 4,000 docs in 16,000 zip codes throughout India. The corporate digitises and organizes provide chains to offer quick access for pharmacies to reasonably priced and genuine merchandise.
The group additionally offers software-as-a-service (SaaS) software program to pharmacies serving to them with procurement, supply and logistics assist. It additionally offers credit score options to those pharmacies, helping them to purchase over 200,000 medicines from over 3,000 pharmaceutical producers.
“We’re at all times searching for huge areas of shopper spend which might be ripe for disruption, and outpatient healthcare in India matches completely inside that remit. API Holdings has constructed a complete resolution that meets the wants of key gamers within the healthcare ecosystem in India,” mentioned Ashutosh Sharma, head of India Investments, Prosus Ventures.
By way of its shopper digital healthcare choices, API Holdings claims to cater to 2 million sufferers every month and has served over 20 million sufferers since inception.
Final yr, Reliance Industries introduced that it has acquired a majority stake in e-pharmacy firm Netmeds for ₹620 crore, via its subsidiary Reliance Retail Ventures.
In September, the Competitors Fee of India (CCI) additionally authorised the merger between API Holdings and PharmEasy rival Medlife.