API Holdings, the parent company of recently minted unicorn PharmEasy, has acquired Thyrocare, a leading diagnostics company. The acquisition marks a significant expansion for PharmEasy and aligns with its strategy to enhance its healthcare offerings. API Holdings is also exploring the possibility of going public as it continues to grow its presence in the healthcare sector.
PharmEasy’s Digital Evolution and Major Milestones
The pandemic has significantly impacted the traditional pharmaceutical sector, accelerating the shift towards digital solutions. Recognizing this shift, the Indian startup ecosystem embraced e-pharmacy and digital commerce. PharmEasy, founded in 2014 by Dr. Dhaval Shah and Dharmil Sheth, emerged as a key player in this transformation. Based in Mumbai, PharmEasy began by connecting local pharmacies and improving the pharmaceutical supply chain. It has since evolved to offer teleconsultations, diagnostic sample collection, and more, building a comprehensive healthcare ecosystem.
Recently, API Holdings, PharmEasy’s parent company, secured $350 million in funding led by Prosus Ventures and TPG Growth, propelling its valuation to $1.5 billion and achieving unicorn status. The company also acquired Medlife earlier this year, positioning itself as India’s largest health-tech platform. PharmEasy plans to expand its network of pharmacies from 120,000 to 200,000 over the next two years and has attracted an additional $20 million investment from B Capital, bringing its valuation to $1.8 billion. Talks with Tiger Global for further investment are underway, and the company is preparing for an IPO.
On June 25, 2021, API Holdings announced the acquisition of a 66.1% stake in Thyrocare Technologies Ltd. for ₹4,546 crore. This acquisition will be executed by Docon Technologies Pvt. Ltd., a wholly-owned subsidiary of API Holdings.
Siddharth Shah, CEO of API Holdings, stated, “We are thrilled to partner with Thyrocare. Our goal is to deliver a world-class customer experience in diagnostics, complementing our pharmacy services. We aim to provide all outpatient healthcare products and services within 24 hours to every Indian.” With over 1 million patients served monthly through its platforms RetailIO and DocOn, PharmEasy’s network includes over 6,000 digital consultation clinics and 90,000 retail partners.
Dr. A Velumani, Chairman and MD of Thyrocare, expressed enthusiasm about the partnership, highlighting its potential to enhance healthcare solutions nationwide. This acquisition strengthens PharmEasy’s position in the competitive med-tech space, especially as it faces competition from major players like Tata Group and Reliance Industries.
For more information on how to get medicines, healthcare products, or book diagnostic services, visit PharmEasy’s website or download their app from the Play Store or App Store.