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PharmEasy buys majority stake in healthcare supply chain start-up Aknamed

API's subsidiary PharmEasy, which is planning an IPO, will acquire 975,937 equity share in the company

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PharmEasy | shares | healthcare

Shivani Shinde  |  Mumbai 

money, cash, investment, stocks, tax, funds, investors, investment, shares, lenders, lending, loans, funding

API Holdings, the parent company of PharmEasy, has acquired a majority stake in start-up Aknamed for an initial investment of Rs 308 crore. Sources said will complete the acquisition in a few months, with the total deal size being about Rs 1,000 crore. This will be the third acquisition by this year.

PharmEasy, which is planning an IPO, has acquired 975,937 equity in the company, said a regulatory filing. The founders of Aknamed will continue to be with the company and join API Holdings, sources said.

There had been reports that was looking to acquire Akna Medical Pvt Ltd, the parent company of Aknamed.

“API Holdings have acquired the controlling stake of Aknamed founders, and in a few months they will also buy out the other shareholders,” a source said. Lightstone Fund holds about 30 per cent stakes in the company.

Founded in 2018, Aknamed is into providing solutions for hospital chains and mid-sized hospitals. The company was founded by Madadevan Narayanamoni and Saurabh Pandey, and eventually three more — Mayank Kapoor, Varun Vohra and Shaunak Joshi — joined the founding team.

According to regulatory filings, Aknamed’s valuation is Rs 727 crore as of June 30, 2021.

This will be PharmEasy’s third acquisition this year. API Holdings had in June announced that it was acquiring a majority 66.1 per cent stakes in diagnostic major Thyrocare for Rs 4,546 crore. It has also made an open offer for another 26 per cent stake, amounting to Rs 1,788 crore. This was a second major acquisition by the unicorn in a span of a few months. API Holdings had announced the acquisition of online pharmacy player Medlife in May, in a $200-million deal.

Aknamed recently acquired Vardham Health Specialities for $35 million.

PharmEasy raised $323 million as part of its Series E round from Prosus Ventures and TPG Growth at a valuation of $1.5 billion.


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First Published: Tue, September 14 2021. 15:04 IST
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