Unpacking PharmEasy’s pre-IPO round and current shareholding


IPO-bound pharmacy and diagnostic major PharmEasy has been in the news since May after the company acquired Medlife and ThyroCare. It also mopped up back to back rounds this year and has just raised Rs 1637.8 crore or $217 million in what appears to be a pre-IPO round for the Mumbai-based firm.

In the past month, PharmEasy has made two allotments. In the first tranche, it allotted 2,24,740 equity shares at an issue price of Rs 5865 per share to raise Rs 131.81 crore, regulatory filings show. The company has also approved the allotment of  17,58,024 equity shares, 7,94,345 preference shares at an issue price of Rs 5,900 per share to raise Rs 1,506 crore. 

In total, the company has raised $217 million since mid-last month. According to Fintrackr’s estimates, PharmEasy has raised fresh funds at a $5.5-5.7 billion valuation. The Tiger Global-backed company was valued at $4.2 billion during its latest tranche in June.

In the current round, SARV Investments Limited has put in Rs 444 crore followed by Amansa, Orbimed and Steadview Capital which invested Rs 370 crore, Rs 222 crore and Rs 111 crore respectively.

Janus Henderson Fund, Neuberger Berman, Amaara Partners, RISA Partners and individuals such as Mayank Kapoor, Shaunak Joshi and Varun Vohra invested the remaining amount.

According to an ET report, PharmEasy’s existing investors have offloaded shares worth around $130-$140 million in a secondary share sale and the total round was closed at around $350 million. This takes the total funding in PharmEasy to $1 billion since April this year including secondary components. The company had raised $300 million in June.

Following the fresh allotment of shares, Prosus (Naspers) has emerged as the largest stakeholder in PharmEasy controlling 11.43% stake in the company. Temasek is the second-largest stakeholder with 10.29% stake followed by TPG Growth, Prasid Uno Family Trust and Evermed Holdings who have 6.31%, 6.07% and 5.83% stake respectively.

The complete shareholding (except the co-founders) can be seen below.

PharmEasy, which is reportedly eyeing an IPO at a valuation of $9-10 billion, had also acquired a controlling stake in healthcare supply chain startup Aknamed in a primary and secondary deal.

According to Fintrackr’s estimates, PharmEasy had acquired the Bengaluru-based company for about $144 million. Aknamed was the third acquisition for PharmEasy in 2021. In June, it had acquired 66.1% stake in listed diagnostics firm Thyrocare for about Rs 4,546 crore and Medlife in May.

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