Startup Atlas · Diagnostics

PharmEasy Unicorn

API Holdings Limited ● Mumbai, Maharashtra ● Founded 2015 ● pharmeasy.in ↗

PharmEasy is an Indian consumer-healthcare "super app," operated by parent company API Holdings Limited, offering home delivery of prescription and OTC medicines, diagnostic-test booking, and teleconsultations, alongside a B2B pharmaceutical distribution arm (Ascent) and majority-owned diagnostics chain Thyrocare. Founded in 2015 and headquartered in Mumbai, it became India's first e-pharmacy unicorn in April 2021 (peak valuation ~$5.6B) before a roughly…

Dharmil Sheth · Co-founder (PharmEasy); stepped down from executive role in 2025 Dhaval Shah · Co-founder (PharmEasy); stepped down from executive role in 2025 Mikhil Innani · Co-founder (PharmEasy) Siddharth Shah · Co-founder (Ascent Health & Wellness, merged into API Holdings); former MD & CEO of API Holdings, now Vice Chairman Hardik Dedhia · Co-founder (Ascent Health & Wellness); stepped down from executive role in 2025 Harsh Parekh · Co-founder (Ascent Health & Wellness)

$1.35 BnTotal funding (tracked)

9Funding rounds

16 Sep 2025Last round

4,700Team size (sourced)

PharmEasy: Funding Rounds

Date	Round	Amount	Investors	Source
16 Sep 2025	Debt (NCDs)	₹1,700 Cr (~$193 Mn)	360 One Alkram Ventures Bennett Coleman Micro Labs Limited MVS Ventures	source
30 Apr 2024	Down round (rights issue)	$216 Mn (~₹1,804 Cr)	Manipal Education and Medical Group (MEMG) / Ranjan Pai 360 One Portfolios CDPQ Private Equity Evolution Debt Capital Goldman Sachs Prosus Temasek WSSS Investments	source
7 Nov 2022	Debt Financing	Undisclosed	EvolutionX Debt Capital	source
28 Jun 2021	Series F	$300 Mn	Kotak Investment Advisors B Capital Prosus Temasek Think Investments TPG	source
17 Jun 2021	Secondary	$20 Mn	B Capital	source
7 Apr 2021	Series E	$350 Mn ($323 Mn closed as primary/secondary)	TPG Growth CDPQ Eight Roads LGT Lightrock Prosus Ventures Temasek Think Investments	source
28 Nov 2019	Series D	$220 Mn	Temasek	source
26 Sep 2018	Series C	$50 Mn	Eight Roads Ventures India Bessemer Venture Partners F-Prime Capital Fundamentum Advisors Think Investments	source
10 Sep 2018	Debt Financing	$5.5 Mn	InnoVen Capital	source

Acquisitions

Date	Acquirer	Acquired	Amount	Source
14 Sep 2021	PharmEasy	aknamed	$144 Mn enterprise valuation (₹1,060 Cr) for a 67.3% controlling stake	source
25 Jun 2021	PharmEasy	thyrocare-technologies	₹4,546 Cr (~$613.5 Mn) for a 66.1% stake	source
25 May 2021	PharmEasy	medlife	$250 Mn (reported, all-stock deal)	source

Recent Signals

29 May 2026 · financial
API Holdings posts first-ever positive EBITDA (₹62.5 Cr) in FY26, reversing a ₹231 Cr prior-year loss source
16 Sep 2025 · financial
PharmEasy raises ₹1,700 Cr (~$193 Mn) in NCD debt led by 360 One to clear its Goldman Sachs loan source
27 Aug 2025 · org-team
Siddharth Shah steps down as CEO; Thyrocare's Rahul Guha named MD & CEO of API Holdings source

News on PharmEasy

No coverage of PharmEasy linked yet.

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FAQs on PharmEasy

Who founded PharmEasy?

PharmEasy was founded by Dharmil Sheth, Dhaval Shah, Mikhil Innani, Siddharth Shah, Hardik Dedhia, Harsh Parekh in 2015.

How much funding has PharmEasy raised?

PharmEasy has raised $1.35 Bn across 9 tracked funding round(s), most recently on 2025-09-16. Figures are compiled from cited public sources.

Who are the investors in PharmEasy?

Investors in PharmEasy include 360 One, Alkram Ventures, Bennett Coleman, Micro Labs Limited, MVS Ventures, Manipal Education and Medical Group (MEMG) / Ranjan Pai, 360 One Portfolios, CDPQ Private Equity.

What does PharmEasy do?

Where is PharmEasy headquartered?

PharmEasy is headquartered in Mumbai, Maharashtra, India.

What is PharmEasy's business model?

PharmEasy's core value proposition centers on Wide selection with fast doorstep delivery, App-exclusive discounts, Employee healthcare cost savings.

How does PharmEasy make money?

PharmEasy's cited revenue streams include Medicine & health product sales margin, Advertising, Teleconsultation fees, PharmEasy Plus subscription.

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the “source” links beside each entry. Profile sources: inc42.com · Last verified 13 Jul 2026. · Report a correction