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The startup became the first Indian e-pharmacy to enter the coveted unicorn club in April this year when it raised about $350 million in a funding round led by Prosus Ventures and TPG Growth. That followed an unprecedented surge in demand during the pandemic that helped its business double almost overnight. Dharmil Sheth and Dhaval Shah started PharmEasy in 2015, and its business has grown many times since then. Today its B2B pharma distribution business connects about 100,000 retailers to 4,500 distributors via its technology platform. In 2019,PharmEasy merged with its investor entity, Ascent Health, to form API Holdings, which brought in three new co-founders: Siddharth Shah, Hardik Dedhia, and Harsh Parekh. The company, which is valued at $1.5 billion, is also broadening its diagnostics business, which surged 20x in the last 18 months. By next year, PharmEasy—which acquired its smaller rival Medlife recently— expects to be among the top three diagnostics players in the country. However, its online pharmacy business will face stiff competition from entities such as Reliance Retail Ventures’ Netmeds, and 1mg.
