Headquarters- Mumbai, Maharashtra.
Area served- India.
Key people- Dharmil Sheth and Dr Dhaval Shah.
Net Worth- $1.8 Billion (June 2021).
Number of employees- 1000 plus.
PharmEasy, a dynamic Indian health tech startup founded in 2015 by Dharmil Sheth and Dhaval Shah, has emerged as a game-changer in the country’s healthcare industry. Owned by API Holdings Pvt Ltd, PharmEasy offers a wide range of services, including teleconsulting, diagnostic test sample collection, and online medicine delivery. Headquartered in Mumbai, Maharashtra, the company has established itself as a cornerstone in the quest for accessible and affordable healthcare in India.
History of PharmEasy
PharmEasy embarked on its journey in 2015 with a clear mission: to make healthcare accessible to every Indian. Its primary goal was to connect patients with local pharmacy stores and diagnostic centers to meet their medical needs. Over the years, the company has steadily expanded its services, becoming India’s leading and most trusted online healthcare aggregator.
In April 2021, PharmEasy achieved a significant milestone by becoming India’s first ePharmacy startup to join the unicorn club. This achievement was followed by the acquisition of its rival, Medlife, in May 2021, which received approval from the Competition Commission of India (CCI) eight months later. Additionally, in June 2021, PharmEasy acquired a 66.1% stake in Thyrocare, a prominent diagnostic chain, for a staggering Rs 4546 crore.
PharmEasy’s growth has been supported by substantial funding rounds:
- In 2016, PharmEasy raised $5 million through a Series A round of funding from Bessemer Venture Partners.
- 2017 saw another investment of $2 million from Bessemer Venture Partners through a Series B round.
- In 2018, the company secured $50 million in a Series C funding round, again with the support of Bessemer Venture Partners.
- The momentum continued in 2019, with a Series D round bringing in $220 million from investors including Eight Roads Venture, Temasek Holding, Orios Venture Partner, Lightrock, KB Financial Group, and Fundamentum.
- In April 2021, PharmEasy achieved unicorn status by raising an impressive $350 million in a Series E round, valuing the company at $1 billion. Investors included Prosus, Temasek, Eight Roads Venture, TPG Growth, Think Investment, and Lightrock.
- Just a few months later, in July 2021, PharmEasy raised a whopping $500 million in a Series F round, elevating its valuation to $4 billion. Prominent investors in this round included Tiger Global Management, TPG Growth, Orios Venture Partner, Temasek, B Capital Growth, Kotak Private Equity, and Prosus Venture.
Products and Services
PharmEasy offers an extensive range of healthcare products and services. These include online medicine delivery, healthcare products, and diagnostic tests. Its healthcare product portfolio spans categories such as Covid essentials, personal care, skin care, nutrition and fitness supplements, Ayurvedic care, baby and mom’s care, ortho care, and medical devices.
PharmEasy’s reach extends across more than 1,000 cities in India, covering over 22,000 pin codes. The company offers diagnostic test services in major metropolitan areas, including Mumbai, Delhi, Noida, Lucknow, Ghaziabad, Faridabad, Gurgaon, Vadodara, Surat, Chennai, Hyderabad, Kolkata, Bangalore, and Jaipur.
To facilitate seamless transactions, PharmEasy accepts online payments through various partners, including Google Pay, PhonePe, Amazon Pay, Paytm, MobiKwik, Ola Money, Airtel Bank, and card payments through MasterCard, Visa, and Rupay.
Partnering with PharmEasy
PharmEasy extends opportunities for businesses to partner with them, enabling pharmacy stores to expand their online presence and reach a broader customer base. The partnership process is straightforward:
- Submit your pharmacy store details.
- Provide license and GSTIN details.
- Sign the services agreement.
- Training and going live.
Interested parties can apply directly through the PharmEasy website or app by clicking on the ‘Partner with Us’ portal.
PharmEasy is poised for a significant leap in its journey, with plans to raise $1 billion through a public listing of fresh issue shares at a valuation of $9 billion. Currently, 80% of API Holding’s stake is held by investors such as TPG Growth, Temasek, CDPQ, Eight Roads, Think Investment, and Prosus Venture.
In conclusion, PharmEasy has not only revolutionized the healthcare industry in India but also set high standards for innovation and accessibility. Its relentless commitment to providing quality healthcare products and services has earned it the trust of millions, and its ambitious plans for the future promise to further transform the healthcare landscape in the country.
UX & Design Head