API Holdings, the parent company of PharmEasy, has acquired a majority stake in healthcare supply chain start-up Aknamed for an initial investment of Rs 308 crore. Sources said PharmEasy will complete the acquisition in a few months, with the total deal size being about Rs 1,000 crore. This will be the third acquisition by PharmEasy this year.
PharmEasy, which is planning an IPO, has acquired 975,937 equity shares in the company, said a regulatory filing. The founders of Aknamed will continue to be with the company and join API Holdings, sources said.
There had been reports that PharmEasy was looking to acquire Akna Medical Pvt Ltd, the parent company of Aknamed.
Aknamed’s acquisition by PharmEasy comes a few months after the healthcare supply chain startup itself acquired Vardhman Health Specialties for $35 million (Rs 255 crore) in May.
Aknamed was founded by Saurabh Pandey and Mahadevan Narayanamoni in 2018. Mayank Kapoor, Shaunak Joshi and Varun Vohra later came on board as co-founders.
The startup offers procurement solutions to hospital chains and mid-sized standalone hospitals with the help of its in-house technology and analytics tool SmartBUY.
In April 2020, Aknamed raised $7 million in its Series A funding from Lightrock. In July 2019, it raised $500,000 in angel funding.
For PharmEasy, which is backed by the likes of Temasek, CDPQ and TPG Growth, the acquisition is expected to broaden its offerings ahead of its initial public offering (IPO).