PharmEasy raises $50 million

BENGALURU: Online pharmacy PharmEasy has raised $50 million (about Rs 365 crore) in a series-C funding round led by Eight Roads Ventures India, the proprietary investment arm of Fidelity International.

F-Prime Capital, Fundamentum — which is backed by Nandan Nilekani and Sanjeev Aggarwal, and San Francisco-based hedge fund Think Investments, along with existing investor Bessemer Venture Partners, have also put money into the Mumbai-based company. Earlier this month, the company had raised a venture debt of about $7 million from Innoven Capital.

PharmEasy co-founder Dhaval Shah told TOI the new capital will be used to scale up the company’s operations beyond the top metros of India, while it expands in new segments like diagnostic services and healthcare products. “Our core business serves chronic disease users who purchase on a repeat basis. Now, we are looking to enable a full-stack solution,” he said.


He said the company is expanding aggressively in nonmetro markets like Bhopal and Lucknow, which have remained untapped by e-medicine delivery. “The cost of doing business is higher in these markets but the opportunity is massive as there is genuine shortage of medicines roundthe-clock,” he added.