API Holdings invests Rs 308 cr in healthcare supply chain startup Aknamed
15/09/2021
Mumbai, sep 14: API Holdings, the parent company of Pharmeasy, has invested Rs 307.9 crore in healthcare supply chain startup Aknamed. PharmEasy, which is planning an IPO, will acquire 975,937 equity shares in the company, said a regulatory filing.
Aknamed stated in the filing that the purpose for raising capital from API was to carry out day-to-day operations.
There have been reports that PharmEasy was looking to acquire Akna Medical Pvt Ltd, the parent company of Aknamed.
Founded in 2018, Aknamed is into providing supply chain solutions for hospital chains and mid-sized hospitals. The company was founded by Madadevan Narayanamoni and Saurabh Pandey and eventually, three more joined the founding team—Mayank Kapoor, Varun Vohra and Shaunak Joshi.
PharmEasy has been on an acquisition spree since early this year. API Holdings had in June announced that it is acquiring a majority 66.1 per cent stake 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, a deal valued over $200 million.
Meanwhile, Aknamed has 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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