Telecommunications and internet group SoftBank has entered talks to lead a $100m funding round for India-based healthcare e-commerce platform PharmEasy, Livemint has reported.
Founded in 2015, PharmEasy has created an online platform that enables users to buy pharmaceutical products such as over-the-counter medicines or diagnostic tests. It also connects patients to local pharmacies and diagnostic centres.
The prospective round would value the company at approximately $400m, more than double its valuation when it last raised money in September 2018, three people aware of the matter told LiveMint.
PharmEasy secured $50m in the September round, which was co-led by Eight Road Ventures India and F-Prime Capital – both subsidiaries of financial services and investment group Fidelity – together with investment firm Fundamentum Partnership and hedge fund Think Investments.
Venture capital firm Bessemer Venture Partners (BVP) had led PharmEasy’s $30m series C round in March 2018, investing alongside education provider Manipal Education and Medical Group, Orios Venture Partners, JM Financial and Trifecta Capital.
The company had received $16m from healthcare supply chain services provider Ascent Health and Wellness Solutions, BVP, Orios, Astarc Ventures, Trifecta and several private investors in 2017, after raising $5m from insurer Medi Assist Healthcare Services, Ascent Health, BVP, Aarin Capital, Astarc and Orios the previous year.