PharmEasy, an India-based healthcare e-commerce platform backed by education provider Manipal Education and Medical Group, has raised $50m in a funding round co-led by Eight Roads Ventures India, YourStory reported yesterday.
Eight Roads, a subsidiary of financial services group Fidelity International (FIL), co-led the round with fellow FIL subsidiary F-Prime Capital, investment fund Fundamentum Partnership and hedge fund Think Investments.
Founded in 2015, PharmEasy operates an online pharmacy where users can purchase healthcare products such as over-the-counter drugs and diagnostic tests. It also operates a telemedicine service.
The funding will allow the company to scale its technology teams in Mumbai and Bengaluru, grow its customer base and accelerate the growth of its business.
PharmEasy had previously raised approximately $30m in a series C round backed by Manipal Education and Medical Group in March this year that was led by venture capital firm Bessemer Venture Partners (BVP).
The series C round also included VC fund Orios Venture Partners, investment bank JM Financial and venture debt provider Trifecta Capital.
PharmEasy closed a series B round in April 2017 that was pegged at $18m by VCCircle, though YourStory has put the figure at $16m. The round included healthcare supply chain services firm Ascent Health and Wellness Solutions, BVP, Orios, Astarc Ventures, Trifecta and assorted private investors.
Ascent Health and insurance provider Medi Assist Healthcare Services had already contributed to a $5m series A round for the company in 2016 alongside BVP, Aarin Capital, Astarc and Orios.
