PharmEasy
Goldman Sachs likely to invest Rs 2,700 crore in PharmEasy parent: Report
Goldman Sachs is in the advanced stages of talks to invest $350 million (Rs 2,700 crore) in API Holdings, the promoter of online pharmacy company PharmEasy, ET reported.
The investment will be in a structured debt transaction and carry an interest rate of 14-15 percent, the report said.
The debt will also have a pre-agreed equity upside or a premium to the increase in the company's valuation.
The money borrowed will mainly be used to refinance the debt the company took to acquire diagnostics chain Thyrocare last in 2021.
Further, API Holdings may raise another $200 million after the deal closure with Goldman Sachs.
PharmEasy is India's largest online pharmacy had plans to raise Rs 6,200 crore through an initial public offering (IPO) of shares. But the plan was kept due to weak market conditions, the report said.
Of the money raised through IPO, Rs 1929 crore would have been used in paying off debt, it added.
The online pharmacy was valued at $5.6 billion when a host of global funds invested $350 million in a pre-IPO round in October last year.
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