Jobaaj Stories
According to sources, API Holdings, the parent company of Pharmeasy, has launched its rights issue to raise funds to the tune of Rs 750 crores via convertible notes.
For the unversed, Pharmeasy is one of India's largest digital healthcare platforms that provides a variety of health-related services. It was launched in 2015 and turned unicorn in April 2021.
It offers home delivery of prescription/OTC medicines, assists diagnostics tests & provides teleconsultation from trusted doctors. The company delivers in 1,000+ cities, covering 20,000+ pin codes, to its 25 million registered users.
This comes after the company shelved its IPO plans due to market conditions and strategic considerations. At the time, we at Jobaaj reported about the healthcare unicorn's plan to raise funds via a rights issue.
Regulatory documents suggest that existing investors Prosus Ventures and Temasek have subscribed to the issue for shares worth Rs 100 crores and Rs 90 crores respectively. The issue is expected to close by mid-October. Interestingly, since funds have been raised via convertible notes, the valuation of the company has not been priced in.
According to certain people aware of the terms of the rights issue, the company would be valued at its last valuation if it does not raise funds by March 2023, the last valuation being $5.6 billion.
Ever since the company postponed its IPO plans in August, there have been no reports suggesting the revival of these plans.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
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