SoftBank is in initial talks with the promoters of PharmEasy to acquire a stake in India’s largest online pharmacy. The move is in line with SoftBank’s growing interest in the country’s healthcare sector.

Sources aware of the discussions said the talks are at an early stage and no term-sheet has been signed, yet. “The two sides have been in discussion. Bankers approached SoftBank some time ago but talks haven’t progressed to even a term-sheet stage. SoftBank is exploring it even as the valuation of PharmEasy has gone up,” said a source.

Another source said that multiple investors have shown interest in acquiring a stake in PharmEasy after it recently picked up 66.1 per cent in Thyrocare Technologies for ₹4,546 crore. In May, PharmEasy had acquired Medlife for an undisclosed amount.

With India’s e-health sector expected to become a $16-billion opportunity by FY25, the online pharmacy space is buzzing, with multiple deals happening quickly. Recently, Tata Digital Ltd acquired a majority stake in 1MG Technologies, while Reliance Industries invested ₹620 crore in Chennai-based Netmeds.

While BusinessLine could not ascertain the possible deal size if SoftBank were to pick a stake in PharmEasy, a Bloomberg report said API Holdings Pvt, the owners of PharmEasy, is seeking a valuation of at least $5.6 billion in a new funding round and the Japanese firm could invest $150-200 million into the online pharmacy company.

This comes even as PharmEasy closed its Series F funding round at $500 million, valuing API Holdings at $4 billion.

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