Investment major Tiger Global, B Capital eye PharmEasy stake

Eduardo Saverin's B Capital and New York-based investment major Tiger Global are in advanced negotiations to pick up stake in e-pharmacy PharmEasy. The deal is expected to value the e-pharmacy's IPO-bound parent company API Holdings at around $1.8 billion.

The company had last raised $350 million in a round led by Prosus Ventures and TPG Growth at a $1.5 billion valuation, making it the seventh unicorn to emerge from India this year.

Tiger Global is likely to pump in primary capital in PharmEasy, while B Capital may pick up secondary shares by investing about $15-20 million.

PharmEasy, which recently acquired smaller rival Medlife, is backed by marquee investors like Prosus Ventures (previously Naspers Ventures), TPG Growth, Temasek, LGT Rightrocks, Eight Roads and Think Investments.

Meanwhile, API Holdings is looking to go pubic and launch an initial public offering (IPO) in FY22 to raise up to $1.2 billion. "Pharmeasy has shortlisted investment banks Morgan Stanley and Kotak Mahindra Capital as advisors earlier this week. More i-banks may come on board at a later stage," sources added.