Prosus Ventures, the investment arm of Prosus, the internet group formed by e-commerce and media company Naspers, is co-leading a $350m funding round for India-based online pharmacy PharmEasy, the Economic Times reported yesterday.
The round consists of primary and secondary funding and is being co-led by TPG Growth, a vehicle for private equity group TPG. It included Eight Roads Ventures – part of investment and financial services group Fidelity – as well as Temasek, Caisse de dépôt et placement du Québec (CDPQ), LGT Lightrock and Think Investments.
The latest round valued API Holdings, the holding company for PharmEasy, at $1.5bn post-money, people familiar with the matter told ET. It said it has closed $323m of the capital, with the remaining $27m set to be closed soon.
PharmEasy runs an online platform enabling users to order prescription medicine, healthcare products and diagnostic tests. The funding will support a drive to increase the number of pharmacies with which it partners from 80,000 to 120,000 in the next year.
The company had raised just over $320m as of its last round, a $220m round led by Temasek in late 2019 at a $700m valuation.
Eight Roads, CDPQ and LGT Lightrock also took part in the 2019 round, as did financial services firm KB Financial Group and existing backers Bessemer Venture Partners (BVP) and Orios Venture Partners in addition to Fundamentum Partnership and Nandan Nilekani.
PharmEasy’s earlier investors include education provider Manipal Education and Medical Group, insurance firm Medi Assist Healthcare Services, supply chain services provider Ascent Health and Wellness Solutions, fellow Fidelity subsidiary F-Prime Capital, Fundamentum Partnership, JM Financial, Aarin Capital, Astarc and Trifecta Capital.
