PharmEasy, an India-based online pharmacy backed by insurer Medi Assist Healthcare Services and healthcare supply chain services provider Ascent Health and Wellness Solutions, has raised $220m in funding, DealStreetAsia reported yesterday.
Singaporean state-owned investment firm Temasek led the round, which included Canadian pension fund Caisse de dépôt et placement du Québec, financial services firm KB Financial Group and Eight Road Ventures, an investment vehicle for investment and financial services group Fidelity.
The round was filled out by LGT, an asset manager controlled by the royal family of Liechtenstein, together with Bessemer Venture Partners (BVP), Orios Venture Partners, Fundamentum Partnership and private investor Nandan Nilekani.
Founded in 2015, PharmEasy operates an online pharmacy that sells healthcare products, diagnostic tests and medicines. Users can either upload their prescription or, if they do not yet have one, receive a free phone consultation during the checkout process.
The round valued PharmEasy at $700m. Telecommunications and internet conglomerate SoftBank did not invest, despite reports in March this year suggesting it was in discussions to lead a $100m round for the company.
The proceeds will be used to improve customer experience, drive technology investment and strengthen delivery processes. PharmEasy is also actively exploring acquisitions of several complementary businesses.
The company had previously picked up $50m in a September 2018 round co-led by Eight Road Ventures, fellow Fidelity subsidiary F-Prime Capital, Fundamentum Partnership and Think Investments.
BVP had already led a $30m series C round for PharmEasy in March 2018 that also featured education provider Manipal Education and Medical Group, Orios Venture Partners, JM Financial and Trifecta Capital.
Ascent Health contributed to a $16m funding round in 2017 together with Orios, Astarc Ventures, Trifecta Capital and assorted angel investors. Medi Assist Healthcare Services, Ascent Health, BVP, Aarin Capital, Astarc and Orios had injected $5m in funding the year before.
