Major global investment players Tiger Global and B Capital are currently in the process of picking up a stake in the Indian online pharmacy retailer PharmEasy.
The two companies are expected to pump in investment via primary capital and secondary shares respectively, reported the EconomicTimes.
“Everstone is looking to sell parts of its holding and B Capital is likely to pick that, though Everstone has also spoken to few others as well,” the newspaper quoted sources familiar with the matter.
The deal is expected to add $300 million to PharmEasy’s parent company, API Holdings’ valuation. API Holding recently raised $350 million in a round led by Prosus Ventures and TPG Growth at a $1.5 billion valuation. It made the company emerge as the seventh Indian unicorn this year.
PharmEasy recently completed the acquisition of a smaller online pharmacy rival Medlife. The company has seen its fortunes swell as many Indians during the second wave of the pandemic have relied on online pharmacy suppliers for their medical needs. The increased usage of medications has also bolstered sales.
API Holding is planning on an IPO for the financial year 2022, at a valuation of $3 billion. The company will try to raise anywhere between Rs 3,000 crore to Rs 3,700 crore through its IPO. The company has appointed two investment banks Kotak Investment Banking and JM Financial for the IPO.