API Holdings raises USD 350 mn in funding led by Prosus Ventures, TPG Growth
The funds will be used for the digitisation of pharmacies and delivery of healthcare in India, API Holdings said in a statement.The company has closed a combination of primary and secondary funding totalling USD 323 million, with an additional USD 27 million executed and closing imminently, from Prosus Ventures and TPG Growth.
New Delhi, Apr 7 (PTI) Online pharmacy PharmEasy's parent firm API Holdings on Wednesday said it has raised USD 350 million (around Rs 2,590 crore) in a funding round led by Prosus Ventures and TPG Growth. The funds will be used for the digitisation of pharmacies and delivery of healthcare in India, API Holdings said in a statement.
The company ''has closed a combination of primary and secondary funding totalling USD 323 million, with an additional USD 27 million executed and closing imminently, from Prosus Ventures and TPG Growth. Existing investors, including Temasek, CDPQ, LGT Lightrock, Eight Roads & Think Investments, also participated in the Series E round'', it added.
The new funds raised will allow the API Holdings team to deepen its relationships and penetration of existing markets to reach over 1,00,000 pharmacies in the next 12 months, the statement said.
''I am particularly proud that we have been able to not only provide consumers with much faster and easier access to the healthcare products and services they need but that we have been able to do so by empowering and digitising 60,000 small pharmacy stores that provide such an essential service to the Indian public,'' API Holdings Co-Founder and CEO Siddharth Shah said.
The new funding will also enable the company to further build out its platform to provide an increased range of services to healthcare practitioners and patients, API Holdings noted.
''We are always looking for big areas of consumer spend that are ripe for disruption, and outpatient healthcare in India fits perfectly within that remit. API Holdings has built a comprehensive solution that meets the needs of key players in the healthcare ecosystem in India and their platforms have the potential to become so much more over time,'' Prosus Ventures Head of India Investments Ashutosh Sharma said.
''We are excited to partner with this passionate, ambitious and mission-driven management team to grow and enhance the platform and help it reach every Indian,'' he added.
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