Medlife & PharmEasy agreed for merger; deal value over $1 bn
E-health companies Medlife and PharmEasy have decided to merge and the filings have been submitted to the Competition Commission of India (CCI). The merger holds an acquisition of 100 percent equity shares of Medlife by API Holdings, the parent of PharmEasy, which in return holds 19.59 percent equity share capital, according to the CCI filing. The Medlife shareholders deal value is about $200-$250 million as per the sources. The company’s prior aim is to create one of the most successful and largest healthcare companies and the expected turnover is over $1 billion, as per the sources.
Medlife was co-founded by Tushar Kumar, Prashanth Singh, and Ananth Narayanan in 2014. The company has crossed Rs 100-crore in GMV per month and delivers medicines in almost 4,000 cities in India making a total of 30,000 deliveries daily. The total funding raised by the company is $32.7 million.
On the other hand, company PharmEasy was founded in 2015 and is spread over 700 cities. The Mumbai-based online medicine app has raised a total fund of $328.5 million and works with around 35,000 retail partners in Tier-1 and Tier-2 cities across the country.
The major players in the e-health sector are PharmEasy, 1mg, Medlife, and Netmeds and such collaborations will definitely benefit the market with Ayurvedic items, hygiene products, vitamin and minerals, and respiratory protective devices.