Ranjan Pai to acquire an 18% stake in API Holdings Limited (PharmEasy) for Rs 1000 crore

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Ranjan Pai to buy 18% in PharmEasy for Rs 1000 cr

API Holdings Ltd

Created at 06 Jul 2023 18:50

An 18 percent stake in API Holdings, the parent company of online pharmacy PharmEasy, will be purchased by billionaire Ranjan Pai's family office for about Rs 1,000 crore. The latter's current investors, including the private equity firm TPG and Singapore's Temasek Holdings, intend to make an additional investment of Rs 1,000 crore, according to sources. Pai, the chairman of Manipal Education and Medical Group, will be the sole shareholder and hold a board seat if the deal is approved.

Pai's most recent investment in Kites Senior Care and his latest wager in the healthcare industry both demonstrate his willingness to consider more contemporary models that are reshaping the Indian healthcare landscape. In addition, Pai, Temasek, and TPG are the largest shareholders in Manipal Health Enterprises, which manages Manipal Hospitals, the second-largest hospital chain in India.

Pai recently gave Temasek a sizable portion of his ownership in Manipal Health Enterprises. Pai invested in the seed and series-A rounds of financing for PharmEasy and left the online pharmacy business in the past. Pai refused to comment on the situation when contacted by TOI. In order to pay off its debt to Goldman Sachs, PharmEasy is rumored to be planning to raise Rs 2,500 crore. Till the time of going to press, PharmEasy's email went unanswered.

PharmEasy's valuation was reduced to $2.8 billion from over $5 billion in May by US investor Janus Henderson. PharmEasy withdrew its initial filing request last year.

PharmEasy currently maintains a workforce of over 6,000 employees. Ranjan Pai is a distinguished investor in the Indian startup ecosystem, with a portfolio that encompasses notable entities such as Byju's, InCred, Goat Brand Labs, Meolaa (an e-commerce platform), GoalTeller (a fintech startup), and HerKey (formerly known as JobsfroHer).

timesofindia.indiatimes.com

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