Pharmeasy to make acquisitions post $50 million funding
Pharmeasy has been valued at $150 million post the round, as per sources. Existing investors BVP also participated in this round. In the past the company has raised capital from various investors like BVP, Orios Venture Partners, Aarin Capital and MEMG. Avendus Capital was the advisor to PharmEasy for the deal.
Pharmeasy’s total equity funding comes to $75 million, while it also recently raised Rs 40 crore in debt funding.
CEO Dharmil Sheth said the company has started scouting for acquisitions in different verticals such as diagnostics, doctor consultations and others.
Currently, medicine sales still bring the maximum share of revenue for Pharmeasy, up to 80%, while the other services it offers such as tele-consultation, home diagnostic tests and a subscription-based service make up the rest.
The company will use the funds to boost its supply chain for last mile delivery while also investing in marketing and advertising to expand its customer base form the current 2 million, Sheth said.
The space has already seen some M&A activity, with online pharmacy NetMeds Marketplace acquiring online video consultation app JustDoc earlier this month.
Seth said the recent draft guidelines on e-pharmacy have also brought clarity to the sector. “It has given investors more confidence,” he said.