The Competition Commission of India (CCI) has cleared Manipal group chief Ranjan Pai's investment in online pharmacy PharmEasy

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CCI Approves Ranjan Pai Investment in Pharmeasy

API Holdings Ltd

Created at 26 Mar 2024 08:08

The Competition Commission of India (CCI) has cleared Manipal group chief Ranjan Pai's investment in online pharmacy PharmEasy, according to the latest filing by the antitrust regulator. An additional investment from 360 One (formerly IIFL) in PharmEasy has also been cleared.

Pai's investment in PharmEasy is part of the Rs 3,500-crore funding through a rights issue. He has emerged as one of the largest investors in the Mumbai-based firm, with his stake now estimated at more than 12%. PharmEasy’s rights issue was initially planned for Rs 2,400 crore, but later bumped up to Rs 3,500 crore. It was priced at a 90% discount to PharmEasy’s peak valuation of $5.6 billion in 2021. The company had to undertake the rights issue to clear the debt it had taken from Goldman Sachs. Pai, over the past year, has increased his pace of investment through his family office, with significant investments in companies like Byjus-owned Aakash Institute, omnichannel jewelry maker Bluestone, and baby and mother care e-commerce firm FirstCry along with others.

PharmEasy has been reducing its monthly burn and growing sustainably. Pai is expected to give a strategic direction to the firm following his investment. It has lost market share to rivals like Tata Digital-owned 1mg. Flipkart Health Plus, Apollo, and Reliance-owned Netmeds are the other players in the sector.

https://economictimes.indiatimes.com

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