India’s PharmEasy backed with USD 220m from Temasek, Eight Roads et al

India-based online pharmacy firm PharmEasy completed a USD 220 million financing round, with backing from a range of prominent investors led by Singapore’s state investment arm Temasek Holdings. New investors joining the round were Caisse de dépôt et placement du Québec (CDPQ), LGT, and South Korea’s KB Financial Group, while existing investors Bessemer Venture Partners, Orios Venture Partners, Eight Roads, and others also joined.

PharmEasy was founded in 2015, and now has a valuation of USD 700 million following the latest investment, which follows a USD 50 million Series C round held last year. The firm provided drug deliveries from local pharmacies and diagnostic centers around India via an integrated online platform that is expected to disrupt the local market. Users can also benefit from other services such as home diagnostic tests, medicine dosage reminders, and automated medicine refills. India's e-commerce market for pharma and health products is forecast to grow at a compound annual 63% to reach USD 3.6 billion by 2022, according to the source citing Frost & Sullivan figures.


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