Prosus Ventures and US-based private equity firm TPG Growth are leading an investment of $350 Mn in API Holdings, the parent company of Mumbai-based online pharmacy Pharmeasy.The round also saw participation of existing investors Temasek, CDPQ, LGT Lightrock, Eight Roads and Think Investments, and will be a mix of primary and secondary capital.
The company said it would utilise the fresh funds to expand the base of pharmacies it works with from 80,000 today to 120,000 within the next 12 months. It will enhance it subsequently to 200,000 in the next two years, helping it expand beyond the 100 cities it is present in today.
“We will continue to invest significantly on the supply chain,” said Siddharth Shah, cofounder and chief executive at API Holdings. “It took us eight years to reach 80,000 pharmacies and in the next two years we want to get to 120,000 more pharmacies.”