Healthtech Unicorn PharmEasy To Raise Rs 1,700 Cr Debt

API Holdings, the parent of PharmEasy, plans to raise ₹1,700 Cr (~$193 Mn) through redeemable NCDs by pledging shares of its listed diagnostic firm, Thyrocare.

API Holdings will use the new funds to repay previous NCD debt. Earlier, it had issued NCDs worth ₹1,820 Cr, with ₹1,545.4 Cr still outstanding, according to an exchange filing.

The earlier NCDs were backed by Docon Technologies’ entire 71.06% stake in Thyrocare. Docon is a Thyrocare promoter, and API Holdings is its ultimate parent company.

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This fundraising comes after a $216 million round in April 2024, which valued PharmEasy at $710 million—90% below its $5.6 billion peak in 2021. Led by MEMG with Prosus, Temasek, and others, the round aimed to strengthen finances amid slow growth and high debt.

PharmEasy is still struggling with profitability and has seen many leadership changes. In August, founder Siddharth Shah stepped down as CEO, with Thyrocare MD Rahul Guha taking over. Shah remains director and vice chairman at API Holdings.

Earlier in January, cofounders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia left to start an architectural and interior design firm, All Home.

After Shah’s exit as CEO, PharmEasy is now mainly controlled by Ranjan Pai’s family office, Prosus, TPG, Temasek, and other investors, leaving the new leadership responsible for turning the company profitable.

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API Holdings cut its loss by 40% to ₹1,516.8 Cr in FY25 from ₹2,531 Cr in FY24, while operating revenue stayed nearly flat at ₹5,872.1 Cr versus ₹5,664.2 Cr.

Thyrocare, acquired by API Holdings for ₹4,546 Cr in 2021, has also experienced recent leadership changes.

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