Connect with us

Stories

Brand Story of PharmEasy – India’s First E-Pharmacy to Enter Unicorn Club

Published

on

Backed by its existing investors, Mumbai-based PharmEasy has so far raised over $650 million since April 2021. With this, it is now on its way to acquire the diagnostic chain Thyrocare. What is interesting to note is that while PharmEasy is merely a six-year-old company, Thyrocare, on the other hand, has been around for over 25 years. However, Siddharth Shah, CEO of PharmEasy, cites the foundation of five co-founders for the same. “There is a ton of implicit trust that we have on each other,” he added.

Genesis of PharmEasy

The journey of what is today a leading online medical platform in India started in 2015 when two young Mumbaikars – Dharmil Seth, an alumnus of IMT Ghaziabad, and Dr. Dhaval Shah, an MBBS from Rajiv Gandhi Medical College, decided to embark on a journey for actualizing their dream – of bringing together patients, pharmacies and diagnostic centers on one platform.

There still looms a huge gap in India’s healthcare system – whether it is in terms of affordability or accessibility. Thus, the two Mumbaikars envisioned the creation of an efficient doorstep medical service at slashed prices. Finally, in 2015, PharmEasy was launched. Since then, its B2B business has grown manifold. In 2019, PharmEasy merged with Ascent Health, to form API Holdings, which brought three new co-founders on board – Siddharth Shah, Hardik Dedhia, and Harsh Parekh.

API Holdings, the parent company of PharmEasy plans to file its draft red herring prospectus (DRHP) for an IPO, raising Rs 6,250 crores via fresh equity issuance. Aiming to price the IPO at a 25 percent discount than the private markets, the required fund will help to pursue inorganic growth through acquisitions, repay the outstanding debt of Rs 1,929 crore, fund organic growth initiatives of around Rs 1,259 crore, and other general corporate purposes.

USP of PharmEasy

The convenience and ease at which users can have medicines delivered to their doorsteps are what makes PharmEasy a very unique platform compared to others in the market. All they need to do is upload a prescription and place an order. Patients also have access to their personal medicine vault that enables them to make instant purchases for ongoing medication. Such bespoke services and features led PharmEasy to increasingly expand its services pan-India.

In fact, it recently entered the unicorn club in April 2021 and became the first Indian e-pharmacy to secure its spot on the much-coveted list. Its B2B pharma distribution business connects over a whopping 100,000 retailers to around 4,500 distributors. Furthermore, PharmEasy is also looking to expand its diagnostic business which has witnessed a massive surge in the past year.

Also Read: Shout-out to Saransh Golia: The launch of a global butter chicken brand

Read more brand and market stories on various industries from automobiles to fashion at Brandz Watch

Zomato Faces Backlash Over New Pure Veg Fleet: Embraces 'Red Reality'
Analysis3 weeks ago

Zomato Faces Backlash Over New Pure Veg Fleet: Embraces ‘Red Reality’

Apple Google AI Deal: 21st Century Tech Collab to Integrate Gemini-Like Features in iOS
Analysis3 weeks ago

Apple Google AI Deal: 21st Century Tech Collab to Integrate Gemini-Like Features in iOS
With this deal, Google will be able to tap into Apple’s 1.4 billion active user base worldwide and expand the reach of its AI, Gemini, to a new stratum of users.

The 'Paramount' Sale of Viacom18's 13.01% Stake to Reliance Establishes Mukesh Ambani as Asia's Media Mogul
Analysis1 month ago

The ‘Paramount’ Sale of Viacom18’s 13.01% Stake to Reliance Establishes Mukesh Ambani as Asia’s Media Mogul
Paramount Global has been aiming to improve its balance sheet after ending last financial year with a long-standing debt of $15 billion.

Adani-Qualcomm Meeting Sends Sparks Across the Indian Tech Ecosystem
Latest1 month ago

Adani-Qualcomm Meeting Sends Sparks Across the Indian Tech Ecosystem

91Club offers a unique blend of entertainment and monetary rewards, making it a preferred choice for 2 million players.
Latest1 month ago

91Club: The Gaming Platform To Earn Real Money
Play and Win: 91Club, Where Gaming Means Real Money

Daman Game is a platform offering many games designed to entertain players of all ages It offers you a chance to win money by playing games.
Latest1 month ago

Daman Game: Where Fun Meets Real Rewards
Game On with Daman: Where Entertainment Pays Off!

TATA's Tech Revolution: Venturing into Chipmaking
Analysis1 month ago

TATA’s Tech Revolution: Venturing into Chipmaking
TATA Prepares to Venture into Chipmaking Business: Becoming the Herald of Change and Development in the Indian Tech Ecosystem

BharatGPT’s Hanooman: Desi Artificial Intelligence Ready For March Public Launch
Latest2 months ago

BharatGPT’s Hanooman: Desi Artificial Intelligence Ready For March Public Launch
The Indian tech scene is about to witness a dramatic makeover as BharaGPT prepares the public launch of the ‘Made In India’ AI, Hanooman.

OpenAI Launches SORA, its Text-to-Video Generator Model
Latest2 months ago

OpenAI Launches SORA, its Text-to-Video Generator Model

Gully Labs Story
Latest3 months ago

How a Homegrown Indian Sneaker Brand, Gully Labs is Embracing Indianism
Gully Labs: Redefining the sneaker culture in India

Topics

Editor's Pick

0
Would love your thoughts, please comment.x
()
x