Healthtech unicorn PharmEasy’s recently concluded ₹3,500 crore rights issue has been over-subscribed, claimed cofounder Dhaval Shah. “We raised ₹3,500 crore and there was more demand which we had to politely reject. Every single shareholder stood up and supported us, believed in our vision and saw value in what the team at API is building,” PharmEasy co-founder Dhaval Shah wrote on LinkedIn.

PharmEasy’s primary goal was to pay down a significant portion of its outstanding debt to Goldman Sachs. According to news reports, Temasek Holdings, CDPQ, LGT, and the Abu Dhabi sovereign wealth fund ADQ had already committed to invest ₹2,000 crore.

Furthermore, an expected investment of ₹1,200 crore was anticipated from the family office of Manipal Health Enterprises founder Ranjan Pai.

API Holdings—the parent company of PharmEasy — also logged a cumulative EBITDA of ₹60 crore in the April to September period of 2023.

Turning profitable

In November last year, the company had set a goal of achieving profitability in April 2023, and it has managed to hit a positive EBITDA for all six months of FY24 put together, said Dharmil co-founder of API Holdings in a LinkedIn post on Tuesday. “We decided in November 2022 that we should be profitable in April 2023. Not move ‘towards’ profitability/not ‘try to be profitable’. Just be ‘profitable’. And the power of a common vision, teamwork, people coming together and moving towards a common goal, and just out executing was proven,” he said.

Founded in 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia, PharmEasy sells medicines online and also offers diagnostic tests through its subsidiaries.

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