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PharmEasy Revenue, Valuation, Funding & Investors
PharmEasy is valued at $710M as of April 2024. PharmEasy revenue was $250M, as disclosed with its October 2021 round.
Last PharmEasy valuation
$710M
Undisclosed stage · Apr 2024
Last PharmEasy funding round
$216M
Undisclosed stage · Apr 2024
PharmEasy revenue
$250M
Undisclosed stage · Oct 2021
Key investors in PharmEasy
Orios Venture Partners
Bessemer Venture Partners
Temasek
Prosus Ventures
TPG
B Capital
About PharmEasy
PharmEasy is a Mumbai-based online healthcare platform in India. Launched in 2015, it delivers medicines, diagnostic tests, and teleconsultations through a network of 150,000 pharmacies and labs across 1,200 cities. The company acquired Thyrocare in 2021 for pathology services and partners with HDFC Bank for financing, serving over 20 million users.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$250M (Oct 2021)
Valuation
$710M (Apr 2024)
PharmEasy Valuation
PharmEasy is currently valued at $710M, based on its undisclosed-stage round in April 2024.
The $216M round was led by MEMG Family Office, with participation from Temasek, La Caisse, WSSS Investments, Goldman Sachs, 360 ONE Asset and 3 other investors.
PharmEasy's valuation has grown 19x from $37M at its Series B in March 2017 to $710M in April 2024, across 7 priced rounds.
PharmEasy valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2024 | Undisclosed stage | $710M | - |
| Oct 2021 | Undisclosed stage | $5.6B | 22.4x |
| Jul 2021 | Series F | $4B | 15.8x |
| Apr 2021 | Series E | $5.6B | 22.1x |
| Nov 2019 | Series D | $700M | - |
| Sep 2018 | Series C | $150M | - |
| Mar 2017 | Series B | $37M | - |
PharmEasy Revenue
PharmEasy's latest recorded revenue is $250M, as of its undisclosed-stage round in October 2021. At a $5.6B valuation, that implies a 22.4x revenue multiple.
Revenue moved from $253M in April 2021 to $250M in October 2021, while the revenue multiple moved from 22.1x to 22.4x.
PharmEasy revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2021 | $250M | $5.6B | 22.4x | Undisclosed stage |
| Jul 2021 | $253M | $4B | 15.8x | Series F |
| Apr 2021 | $253M | $5.6B | 22.1x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
PharmEasy Funding History
PharmEasy has raised a total of $1.6B across 9 funding rounds, plus 1 secondary share sale.
PharmEasy's first fundraising round was a $5M Series A in March 2016. The most recent completed round was a $216M undisclosed-stage round in April 2024.
PharmEasy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2024 | Undisclosed stage | MEMG Family Office (lead); Temasek; La Caisse; WSSS Investments; Goldman Sachs; 360 ONE Asset; Brand Capital; Prosus Ventures; EvolutionX Debt Capital | $216M | $710M | PharmEasy, founded in 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia, is an online pharmacy and healthcare platform that sells medicines online and provides diagnostic tests through its brands. The company is owned by API Holdings Private Limited. PharmEasy raised Rs 1,804 crore ($216 million) in April 2024 led by Ranjan Pai's Manipal Education and Medical Group (MEMG) family office, which contributed Rs 800 crore. Additional investors included Prosus (Rs 221 crore), Temasek (Rs 183 crore), 360 One Portfolios (Rs 200 crore), CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital (Rs 400 crore combined). The board approved issuance of 18.6 crore cumulative convertible preference shares at Rs 96.8 each, with planned conversion into equity shares at a 1:20 ratio. This funding round valued the company at $710 million, representing a 90% valuation decline from its peak of $5.6 billion in October 2021. The fundraising followed PharmEasy's default on loan terms with Goldman Sachs in June 2023 and was part of an ongoing Rs 3,500 crore rights issue approved by India's Competition Commission to repay outstanding debt. The company had previously filed for IPO with SEBI in November 2021 but withdrawn its draft red herring prospectus in August 2022 due to challenging market conditions. |
| Oct 2021 | Undisclosed stage | Vestin Wolf Capital Management (lead); ADQ; Amansa Capital; ApaH Capital Management; Neuberger Berman; Janus Henderson; Steadview Capital; OrbiMed; Sanne Group | $204M | $5.6B | PharmEasy is an Indian digital pharmacy platform enabling online medicine orders, diagnostics, and healthcare services. In October 2021, it conducted a pre-IPO funding round raising approximately $204-354 million from investors including Vestin Wolf Capital Management (lead), ADQ, Amansa Capital, Steadview Capital, and others, aimed at scaling services and enhancing technology ahead of its planned IPO. This followed a Series F round in July 2021 raising $500 million at a $5.6 billion valuation led by Arokiaswamy Velumani. Financially, PharmEasy reported consolidated net revenue of ₹2,335.27 crore for FY2021 (ended March 31, 2021), up from ₹667.54 crore in FY2020, reflecting over 220% growth driven by expanded operations. Later financials showed operating revenue of ₹5,729 crore in FY2022 and ₹6,644 crore in FY2023, but with significant losses. The company has raised over $1.5 billion total across multiple rounds from 40+ investors. Post-2021, it faced challenges including delayed IPO, debt repayment rounds like INR 18,040 million in April 2024 at $710 million valuation, and rights issues, indicating a valuation reset amid market conditions in India's online pharmacy sector. |
| Jul 2021 | Series F | Arokiaswamy Velumani (lead); Temasek; Think Investments; Kotak Realty Fund; TPG; Orios Venture Partners; B Capital; Prosus Ventures | $500M | $4B | PharmEasy, operating as API Holdings Limited, is an Indian online pharmacy and healthcare platform headquartered in Mumbai, providing medicine delivery, diagnostics, and teleconsultation services. In July 2021, it raised a significant funding round led by Arokiaswamy Velumani (founder of Thyrocare), with participation from B Capital, Kotak Realty Fund, Orios Venture Partners, Prosus Ventures, Temasek Holdings, Think Investments, and TPG, marking its peak valuation at $5.6 billion according to investor Janus Henderson estimates. This round valued the company at a high multiple amid the boom in digital health post-COVID. For FY21 (April 2020 to March 2021), close to the July 2021 round, PharmEasy reported revenue of INR 2360 crore, reflecting 220% year-over-year growth from INR 739 crore implied in prior year, driven by surging online pharmacy demand. Total assets expanded to INR 4905 crore from INR 572 crore, while debt rose to INR 686 crore. The company focused on scaling operations, acquiring Thyrocare for diagnostics integration, and building a full-stack healthcare ecosystem. Post-round, PharmEasy pursued aggressive growth but faced challenges including high cash burn and market correction. Revenue grew to over INR 5700 crore in FY22 per Statista, but later years showed flatlining around INR 5800-5900 crore in FY24-FY25 with persistent losses, such as Rs 15,724 million net loss in FY25. A 2023 down round of $216 million reflected a 90% valuation cut to below $600 million. |
| Jun 2021 | Secondary | B Capital (lead) | $20M | - | PharmEasy operated as one of India's largest online pharmacies and was actively pursuing acquisitions during this timeframe, including the purchase of rival Medlife in May 2021 and diagnostic chain Thyrocare for $600 million in June 2021. PharmEasy received investment from B Capital in June 2021. The company was in a period of rapid growth and capital deployment during this period, having raised over $650 million across multiple rounds between April and October 2021. By July 2021, just one month after the B Capital transaction, PharmEasy achieved a $5.6 billion valuation in its Series F round, indicating significant momentum and investor confidence. |
| Apr 2021 | Series E | Prosus Ventures (lead); TPG (lead) | $390M | $5.6B | PharmEasy, operating under API Holdings Limited, is an Indian online pharmacy company headquartered in Mumbai, providing digital healthcare services including medicine delivery and diagnostics. In July 2021, it raised a significant funding round led by Prosus Ventures and TPG (referred to as MEMG in some contexts), achieving a peak post-money valuation of $5.6 billion USD, later reduced to $900 million. The round matched the user's description of $390 million raised from these investors around 07/04/2021. For FY21 (April 2020 to March 2021), ending just before the round, PharmEasy reported revenue of INR 2360 crore, reflecting 220.11% year-over-year growth from INR 572 crore in FY20. Total assets expanded to INR 4905 crore, while debt rose to INR 686 crore. The company has since faced challenges, with later reports showing flat revenue around Rs 5,872 crore in FY25 and ongoing losses, alongside high finance costs and negative cash flows from operations. PharmEasy shifted focus to margin improvement amid a downround valuation cut of over 80%. |
| Nov 2019 | Series D | Temasek (lead); La Caisse; Bessemer Venture Partners; KB Financial Group; Fundamentum; Nandan Nilekani; LGT group; Eight Roads Ventures; Orios Venture Partners | $220M | $700M | PharmEasy, an India-based online pharmacy founded in 2015, operates a platform selling healthcare products, diagnostic tests, and medicines, allowing users to upload prescriptions or receive free phone consultations. In November 2019, it raised $220 million in a Series D funding round led by Temasek Holdings, with participation from investors including Eight Roads Ventures, Bessemer Venture Partners, Fundamentum, KB Financial Group, La Caisse (Caisse de dépôt et placement du Québec), LGT Group, Orios Venture Partners, and Nandan Nilekani. The post-money valuation for this round was $700 million. The proceeds from the $220 million round were intended to improve customer experience, drive technology investments, strengthen delivery processes, and explore acquisitions of complementary businesses. This followed a prior $50 million round in September 2018 co-led by Eight Roads Ventures, F-Prime Capital, Fundamentum, and Think Investments. PharmEasy continued raising capital post-2019, including a $350 million round in 2021 from Prosus and TPG at $1.5 billion valuation, becoming India's first online pharmacy unicorn, and a $500 million Series F in July 2021 at $5.6 billion. Later rounds and challenges included debt repayment and rights issues, with valuations dropping significantly by 2024. |
| Sep 2018 | Series C | Eight Roads Ventures India (lead); Think Investments; F-Prime; Bessemer Venture Partners; Fundamentum; Nandan Nilekani; Orios Venture Partners | $50M | $150M | PharmEasy, an online pharmacy platform founded in 2015 by Dharmil Sheth and Dhaval Shah, raised $50 million in an extended Series C funding round on September 26, 2018, led by Eight Roads Ventures India with participation from F-Prime Capital, Fundamentum Advisors (backed by Nandan Nilekani and Sanjeev Aggarwal), Think Investments, and existing investor Bessemer Venture Partners. This topped up a prior $30 million Series C tranche earlier in 2018 from Bessemer, Orios Venture Partners, and others, bringing the total Series C to around $80 million. The funding was advised by Avendus and followed a $7 million venture debt from InnoVen Capital earlier that month and a $5.5 million venture debt in September. The capital was intended to scale operations beyond top metros, expand into diagnostic services and healthcare products, strengthen tech capabilities, and provide personalized healthcare solutions amid favorable e-pharmacy regulations. PharmEasy connects patients with chemist shops and offers a tech-enabled platform for cheaper diagnostic tests, competing with 1mg and Netmeds in India's market of 850,000 independent pharmacies meeting only 60% of demand, with the pharmaceutical industry valued at $33 billion in 2017. Prior funding included $5 million Series A in 2016 and $18 million Series B in 2017. PharmEasy continued raising capital, achieving unicorn status in a $350 million Series E in 2021 at $1.2 billion valuation, before facing down-round pressures in 2023. |
| Feb 2018 | Series C | Bessemer Venture Partners (lead); Orios Venture Partners (lead); Trifecta Capital Advisors; JM Financial; Manipal Group | $30M | - | PharmEasy is a health-tech startup founded in 2015 that connects patients with local pharmacy stores and diagnostic centres through a smartphone app, facilitating medicine deliveries and home sample collection for lab testing. The platform operates by linking users to nearby pharmacies and labs, focusing on accessibility in India's healthcare sector. The company raised $30 million in its Series C round on 28 February 2018, led by Bessemer Venture Partners and Orios Venture Partners, with participation from JM Financial, Manipal Group, and Trifecta Capital Advisors. Previous rounds included $16 million Series B on 25 March 2017 from Bessemer Venture Partners and $2 million Series B on 26 April 2017 from Trifecta Capital. PharmEasy has received funding from investors including Temasek Holdings, Bessemer Venture Partners, Orios Venture Partners, Eight Road Partners, and backing from Nandan Nilekani. |
| Mar 2017 | Series B | Bessemer Venture Partners (lead); Astarc Ventures; Aarin Capital; Trifecta Capital; Orios Venture Partners | $18M | $37M | PharmEasy, an online pharmacy platform founded in 2015 by Dhaval Shah and Dharmil Sheth in Mumbai, connects patients with pharmacy stores for medicine delivery, diagnostic tests, and medical record digitization. The company operates as a tech-enabled lead-generation platform optimizing supply chain and logistics to deliver genuine medicines at affordable rates. By March 2017, it was active in seven cities including Mumbai, Delhi, and Bengaluru, partnering with over 150 vendors and serving more than 100,000 families with a team of 300 members. In its Series B funding round around March 2017, PharmEasy raised a total of $18 million, starting with $16 million led by Bessemer Venture Partners, Orios Venture Partners, and others, topped up by $2 million from Trifecta Capital and Astarc Ventures. The post-money valuation reached $37 million, up from a Series A post-money of approximately $15 million the prior year. This followed a $5 million Series A in 2016 also backed by Bessemer. Funds were allocated to enhance supply chain, technology, and customer outreach. The platform simplified ordering to three clicks, reduced rejections from 35% to 25%, and achieved over 200% growth in the last financial year with 15% month-on-month run rate. |
| Mar 2016 | Series A | Bessemer Venture Partners (lead); Astarc Ventures; Aarin Capital; Orios Venture Partners | $5M | - | PharmEasy, an online pharmacy startup founded in 2015 by Dharmil Sheth and Dhaval Shah, raised $5 million in Series A funding led by Bessemer Venture Partners in March 2016. The company went on to raise substantially more capital in subsequent rounds, growing into a unicorn before experiencing significant valuation reductions in 2023-2024. |
Who has invested in PharmEasy?
38 investors have backed PharmEasy across its funding rounds, including Orios Venture Partners, Bessemer Venture Partners, Temasek, Prosus Ventures, TPG and B Capital.
Lead investors include MEMG Family Office, Vestin Wolf Capital Management, Arokiaswamy Velumani, B Capital, Prosus Ventures and 5 other investors.
PharmEasy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Mar 2016 | ||
| 5 | Lead | Mar 2016 | ||
| 3 | Lead | Nov 2019 | ||
| 3 | Lead | Apr 2021 | ||
| 2 | Participant | Sep 2018 | ||
| 2 | Participant | Mar 2016 | ||
| 2 | Participant | Nov 2019 | ||
| 2 | Participant | Mar 2016 | ||
| 2 | Participant | Sep 2018 | ||
| 2 | Participant | Sep 2018 | ||
| 2 | Lead | Apr 2021 | ||
| 2 | Lead | Jun 2021 | ||
| 1 | Participant | Oct 2021 | ||
This data is available for Pro users. Sign up to see all 38 PharmEasy investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by PharmEasy
PharmEasy has acquired 3 companies to date.
Last acquisition by PharmEasy was on September 14th 2021. PharmEasy acquired Aknamed for $190M.
Latest Acquisitions by PharmEasy
| Description | - | Thyrocare Technologies Ltd is a diagnostics & research company. The company has three business segments: Diagnostic Testing Services, Imaging Services, and Others: Sale of testing equipment and consumables. The Diagnostic Testing Services segment provides Diagnostic and testing services, selling of consumables used for the collection and promotion of the pathology segment. The company majorly earns the majority of its revenue from the Diagnostic Testing Services segment. The Imaging Services segment operates Diagnostic and imaging services, selling of radio-pharmaceuticals, and selling of consumables for reporting. The Other business segment is engaged in the selling of glucometers and glucostrips under the brand name Sugarscan. The company earns the vast majority of its revenue in India. | Medlife is an Indian home-delivery service for medicines operating in Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi-NCR, Hyderabad, Jaipur, Kolkata, Mumbai, and Varanasi. Users upload prescriptions for pickup and receive deliveries within 24 hours via its user-friendly app at medlife.com, emphasizing convenience and cost savings. |
| HQ Country | |||
| HQ City | - | Mumbai | Bangalore |
| Deal Date | 14 Sep 2021 | 26 Jun 2021 | 18 Aug 2020 |
| Valuation | $190M | $613M | $240M |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all PharmEasy acquisitions and their M&A valuation multiples. Start Free Trial | |||
Investments by PharmEasy
PharmEasy has invested in 1 company to date.
Latest investment by PharmEasy was on November 16th 2022. PharmEasy invested in BeatO in their $33M Series B round.
Latest Investments by PharmEasy
| Description | BeatO is a New Delhi-headquartered mobile application developer focused on diabetes management. The app monitors blood glucose via connected glucometers, logs diet entries, exercise routines, medication adherence, and lab diagnostics. Users receive real-time consultations from physicians and certified diabetes educators through chat and video. Comprehensive programs guide lifestyle adjustments and preventive care for patients across India. | BeatO is a New Delhi-headquartered mobile application developer focused on diabetes management. The app monitors blood glucose via connected glucometers, logs diet entries, exercise routines, medication adherence, and lab diagnostics. Users receive real-time consultations from physicians and certified diabetes educators through chat and video. Comprehensive programs guide lifestyle adjustments and preventive care for patients across India. |
| HQ Country | ||
| HQ City | New Delhi | New Delhi |
| Deal Date | 16 Nov 2022 | 7 Jul 2021 |
| Round | Series B | Series B |
| Raised | $33M | $6M |
| Investors | World Within Ventures; Leo Capital; Flipkart Ventures; Alteria Capital; Blume Ventures; W Health Ventures; Orios Venture Partners; Lightrock; HealthQuad | Leo Capital; W Health Ventures; Orios Venture Partners; Merisis Advisors |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all PharmEasy investments and their VC round multiples. Start Free Trial | ||
PharmEasy Competitors
PharmEasy competitors include listed companies like GoodRx, DocMorris, Apotea and YSB, and private ones like Shogun and Bloom & Wild.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $797M | $173M | $1.2B | 1.7x | ||
| Publicly listed | $1.4B | ($73M) | $661M | 0.6x | ||
| Publicly listed | $733M | $47M | $832M | 1.0x | ||
| Publicly listed | $3.1B | $38M | $286M | - | ||
| Private | - | - | $575M | - | ||
| Private | - | - | $500M | - |
PharmEasy Public Comps
PharmEasy is still privately-owned, but its public comps include ASKUL, Fanli Digital Technology, Wish, ASOS, Genky Drug Stores, AO World, WeBuyCars, Shu Yu Civilian Pharmacy, almeera and Zjamp Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.6B | ($100M) | 0.3x | 0.3x | (8.7x) | 237.2x | |||
| $83M | ($10M) | 8.2x | - | (69.3x) | - | |||
| - | ($31M) | - | - | (42.8x) | - | |||
| $3.3B | ($61M) | 0.4x | 0.5x | (22.8x) | 6.5x | |||
| $1.4B | $119M | 0.6x | 0.6x | 7.4x | 7.7x | |||
| $1.7B | $103M | 0.4x | 0.4x | 6.3x | 6.0x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.9x | 8.8x | |||
| $1.5B | $105M | 0.7x | 0.7x | 9.9x | 10.8x | |||
This data is available for Pro users. Sign up to see all PharmEasy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about PharmEasy
| When was PharmEasy founded? | PharmEasy was founded in 2015. |
| Where is PharmEasy headquartered? | PharmEasy is headquartered in Mumbai, India. |
| Is PharmEasy publicly listed? | No, PharmEasy is a private, VC-backed company. |
| What is PharmEasy's valuation? | PharmEasy was last valued at $710M in its undisclosed-stage round in April 2024. |
| How much funding has PharmEasy raised? | PharmEasy has raised $1.6B across 9 funding rounds. |
| What was PharmEasy's last funding round? | PharmEasy's last funding round was a $216M undisclosed-stage round in April 2024, led by MEMG Family Office. |
| Who are PharmEasy's investors? | PharmEasy's investors include Orios Venture Partners, Bessemer Venture Partners, Temasek, Prosus Ventures, Think Investments, Astarc Ventures, La Caisse, Aarin Capital, Fundamentum, Nandan Nilekani and 28 others. |
| What is PharmEasy's revenue? | PharmEasy's latest recorded revenue is $250M (October 2021). |
| What is PharmEasy's revenue multiple? | PharmEasy's latest valuation implies a 22.4x revenue multiple ($5.6B valuation on $250M of revenue). |
| Which companies are comparable to PharmEasy? | Companies comparable to PharmEasy include GoodRx, DocMorris, Apotea, YSB, Shogun and Bloom & Wild. |
| How many companies has PharmEasy acquired? | PharmEasy has acquired 3 companies, including Aknamed, Thyrocare Techs and Medlife. |
| What was the largest acquisition by PharmEasy? | The $613M acquisition of Thyrocare Techs in June 2021 is the largest acquisition PharmEasy has made to date. |
| How many companies has PharmEasy invested in? | PharmEasy has invested in 1 company, including BeatO. |
| What was PharmEasy's last investment? | In November 2022, PharmEasy invested in BeatO's $33M Series B alongside World Within Ventures, Leo Capital, Flipkart Ventures and 6 other investors. |
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