API Holdings which owns PharmEasy and powers the marketplace in India today raises funds from a growth-stage debt financing platform, EvolutionX Debt Capital (EvolutionX), founded by DBS and Temasek.
API Holdings is a digital healthcare platform which works closely with and builds services for consumers, pharmaceutical companies, wholesalers, pharmacies, hospitals, doctors and clinics, and diagnostic labs.
Launched in late 2021, EvolutionX seeks to provide an alternative source of debt financing to enable growth-stage technology companies to scale faster and expand into new markets.
“We are delighted to establish a relationship with EvolutionX which is backed by best-in-class capital pools of Temasek and DBS. This is part of a sequence of planned capital raises, to be followed by equity infusion in the company in the near term. This collective capital raise will optimise the capital structure as well as improve the net debt position and financial strength of the company, ensuring a clear runway to profitability,” says Siddharth Shah, Co-Founder and CEO, API Holdings.
Rahul Shah, Partner and Co-Head leading investments across India and Southeast Asia for EvolutionX said, “As capital markets continue to be muted and access to private capital narrows for tech startups. Founders and their shareholders are increasingly seeking less dilutive forms of capital to extend their cash runway and avoid raising equity capital at lower valuations. We are thus excited to partner with Siddharth, where the continued journey of PharmEasy to build India’s largest digital healthcare platform aligns strongly with our goals to accelerate the digitisation of Asia’s economy.”