Prosus Ventures has gone to competition commission of India for buying certain number of shares in API Holdings Private Limited which is the parent company of pharmacy set up Pharm Easy.
PHARM EASY DETAILS
The company was founded in 2015 by Dharmil Sheth, Daval Shah and Mikhil Innani. It is India’s most trusted healthcare application that provides services like teleconsultation, medicine deliveries and diagnostic samples with a mission to simplify the healthcare mechanism in the country. It is headquartered in Mumbai, Maharashtra.
50 Lakh Families Served
1.5 Crore Orders Delivered
22000 Pin codes served
1 Lakh Medicines available.
$394.3 Million Funding amount
It has 19 investors out of which 7 are lead investors. They are prominently LGT group, Temasek Holdings, KB Financial group and many more. There have been 9 funding rounds starting from 2016 to 2021. The company acquired 100% shares of the other prominent health care venture; Med life on 18 August last year for $ 1.2 Billion.
The technology used by company is quite innovative. It includes Apple Mobile Web, WordPress Plugins and Mobile Web Clips Icon.
Pharm Easy was trusted by a lot of people as it provided most important things:
- Consultation
- Less prices due to complete elimination of intermediaries.
- Dosage reminders
- Medicine refill facilities
They were able to upscale their businesses quite well but they also faced challenges in the working ecosystem.
EXPECTED FUNDING
The sources claim that the amount can be close to $ 200 million. It was in the last month only when the company gave its 2% stake to Canada Based Pension Fund CDPQ.
WHO ARE PROSUSS VENTURES?
Prosuss Ventures (Naspers Ventures) the global internet company engaged in helping the entrepreneurs to help them set up a network of businesses in high growth markets. They target the largest technology investors all across the globe.
They basically help to build high potential founders to serve the communities they operate in. It has gained investment portfolio in sectors like payments, food delivery, retail, travel and social platforms. It has provided backbone to companies like BYju’s, Brainly, Dott, Dehat, Udemy and Skill set.
WHY PHARM EASY CHOSEN BY PROSUSS?
Pandemic was a big hit to the mankind and the established fact regained its importance that your health is to be the top most priority. This gave rise to certain innovative ventures that earlier were not looked upon profitably.
Getting the right medicines at the right time at right prices has been the easy solution provided by Pharm Easy to people at large.
Therefore; a big funding has been diverted towards the group in this respect. After Ed tech and Fintech, Health Tech is the upcoming thing to be focused upon in all sorts.
But every segment has its own challenges or threats. This segment has chemists as its major & prominent threat. There were cases where the company lagged behind the offline stores giving them a room for improvement. Moreover, there were instances of authenticity related to medicines in general that brought around a radical shift during covid times.
Now is the time to bounce back and that can happen only when a major amount stays invested in making the ecosystem stronger & more efficicient
