The IPO-linked online pharmacy company PharmEasy has acquired a majority stake in the Bengaluru-based start-up Aknamed for the health care chain as part of a primary and secondary business. This is the second acquisition for PharmEasy in 2021. In June, PharmEasy acquired 66.1% of the shares in the listed diagnostics company Thyrocare for approximately 4,546 billion rupees.
Aknamed has approved the allotment of 975,937 shares at Rs 3,155.94 to API Holdings in order to raise Rs 308 billion, or nearly $ 42 million, from PharmEasy’s parent company, regulatory filings indicate.
It is important that PharmEasy has completely bought up the shares of five promoters (co-founders) of Aknamed, who together controlled a stake of 50.67%. Following this transaction, Aknamed will become a subsidiary of API Holdings Private Limited (PharmEasy’s holding company).
Corresponding TrickypediaAccording to estimates, PharmEasy’s investment in Aknamed completed at a company valuation of Rs 1,060 crore, or $ 144 million. PharmEasy was reportedly in talks to buy Aknamed for Rs.1,200–1,300 billion.
As part of the secondary deal, PharmEasy has spent approximately Rs.380 billion (US $ 51.6 million) to acquire shares from five co-founders: Saurabh Pandey, Mahadevan Narayanmoni, Mayank Kapoor, Varun Vohra, Shaunak Joshi and approximately Rs.21 billion ($ 2.8 million). to purchase angel posts.
Pandey and Narayanmoni are the biggest beneficiaries among the co-founders who will receive $ 21 million and $ 17.7 million exits, respectively. Under the new share awards, PharmEasy owns a total of 67.3% of the shares in Aknamed, followed by Lightstone Fund, which controls 31.3%.
Inquiries to PharmEasy and Aknamed did not result in an immediate response.
The three-year-old Aknamed is streamlining procurement for hospitals with its cloud-based supply chain software. The platform enables hospitals, nursing homes and clinics to track product movements and consumption. In its second full year of operation, FY20 sales increased 17.8-fold to Rs 23.92 billion and a loss of Rs 3.4 billion.
Meanwhile, PharmEasy is also negotiating a $ 100 million primary and secondary funding round. According to an ET reportThat said, the deal could be worth around $ 6 billion to the company. PharmEasy had wound up $ 300 million in June and has raised around $ 650 million in the current fiscal year. The Tiger Global-backed company was valued at $ 4.2 billion during the most recent tranche and plans to go public with a valuation of $ 9 billion to $ 10 billion.
PharmEasy also announced on Monday that it has appointed five new independent directors, including Subramanian Somasundaram, Titan’s former CFO and Ramakant Sharma, Founder and Chief Operating Officer of Livspace. It now has 12 members on its board.