The funding helps PharmEasy achieve a valuation of $5.6B. Here are the top-line bullets you need to know.
PharmEasy, an online pharmacy and medical store, has raised $339M in a pre-IPO round. The deal includes $204M in primary funding that drew participation from Neuberger Berman, OrbiMed Advisors, and Steadview Capital, among others, and $135M in secondary funding from IIFL AMC and other investors.
HOW’S THE COMPANY PERFORMING?
- India-based PharmEasy claims it connects more than 60,000 pharmacies and 4,000 doctors and that it has served 20M+ customers.
- The company’s B2B marketplace has reportedly 90,000 partner retailers and 6,000 consultation clinics that offer diagnostics tests and teleconsultation services.
- PharmEasy operates across 1,000+ cities, including Mumbai, Kolkata, and Bengaluru.
- The company has made 3 acquisitions in 2021 — Medlife in May, Thyrocare in June, and Aknamed in October.
WHY DOES THE MARKET MATTER?
- The global e-pharmacy market is projected to grow at a CAGR of 16% to reach a value of $38B by 2027, according to FutureWise Research.
- Increased use of digital devices and advancing technologies driving services such as online doctor consultations and digital prescriptions are some of the key enablers of this growth.
- The Covid-19 pandemic in particular helped drive adoption of online pharmacies’ services amid lockdowns and social distancing measures.