Japanese investment behemoth SoftBank is in talks to invest about $150-200 million in API Holidingspvt, the parent company pharmaEasy.
API is seeking a valuation of at least $5.6 billion in a new funding round, said one of the people, who asked not to be identified as the information is private. SoftBank could invest $150 million to $200 million into the online pharmacy owner, the people said. API plans to reach out to other potential investors for the funding round, one of the people said. The company is targeting a listing in the next 12 to 18 Months.
The online pharmacy chain delivers everything from medicine and diagnostic kits to health care products. It has served over 5 million families and completed more than 15 million orders, according to the website. It seeks to bolster its online presence. The company had recently acquired a majority stake in diagnostic and preventive care laboratories chain Thyrocare for Rs 4,546 crore. That is the first-ever acquisition of a listed company by a unicorn. The combined entity will have the ability to provide diagnostics and pharmacy services to over 100 million Indians within 24 hours, Pharmaeasy said in a statement.