www.livemint.com Open in urlscan Pro
2a02:26f0:6c00:2ae::1833  Public Scan

Form analysis
1 forms found in the DOM

Name: form1 — #

<form name="form1" action="#"> <input type="text" name="emailSso_11651431611026" id="emailSso_11651431611026" class="inputemail" placeholder="Enter email address" onkeyup="manage(this,11651431611026)"> <input type="button"
    id="btSubmit_11651431611026" value="Subscribe" disabled="" class="subscribeBtn" onclick="ValidateEmail('emailSso_11651431611026')"> </form>

Text Content

Explore

Sign in e-paper

Tuesday, 10 May 2022

Upto 15% off on premium plans Subscribe Now
Subscribe

Search
My Reads

e-paper
New

Notifications

Newsletters

IFSC Code Finder
New MintGenie For You
Top Sections
 * News
 * LIC IPO
 * Companies
   
   * News
   * Start-ups
   * Company Results
   * People
 * Technology
   
   * Gadgets
   * Tech Reviews
   * App News
   * Foldable Smartphones
   * 5G Tech
 * Markets
   
   * Stock Markets
   * Commodities
   * Mark To Market
   * IPO
   * Live Blog
 * Money
   
   * Personal Finance
   * Q&A
   * Opinion
 * Photos
 * Mutual Funds
   
   * Mint 50 - Top Mutual Funds
   * News
 * Insurance
 * Lounge
 * Opinion
   
   * Views
   * Columns
   * Blogs
 * Budget 2022
   
   * Budget News
   * Budget Expectations
   * Budget Videos
   * Opinion
 * Auto News
 * Sports
 * Industry
   
   * Banking
   * Infotech
   * Infrastructure
   * Agriculture
   * Manufacturing
   * Energy
   * Retail
 * Videos
   
   * India Investment Summit
   * Annual Banking Conclave
   * Mint Explainers
   * Market Analysis
   * Why Not Mint Money
   * Business of Entertainment
   * Long Story Capsule
   * Mint Views
   * Start-Up Diaries
   * Money With Monika
   * Mint Insight
   * Digital Gurus
   * Brand Masters
 * Politics
 * Education
 * Impact Feature
 * Brand Stories
 * Podcast

Explore Mint
 * About Us
 * Contact Us
 * SITEMAP
 * Terms of Use
 * Subscriber - Terms of Use
 * Cookie Policy
 * Print Subscription
 * Privacy Policy
 * Disclaimer
 * Mint Code
 * Code of ethics
 * Mint Apps

Copyright © HT Digital Streams Limited All rights reserved.
"storyDirectUrl"
OPEN APP

 * Home
 * Latest
 * Markets
 * Premium
 * For You

Market DashboardLIC IPOMint SnapViewPlain FactsLong StoryMark To
MarketPrimerVideosMoneyStart-upsNewsMutual
FundsCryptocurrencyMarketsBankingCoronavirusTechnologyPodcasts

Home / Companies / Start-ups /  Pharmeasy in talks with PE firms to raise $250
mn debt


PHARMEASY IN TALKS WITH PE FIRMS TO RAISE $250 MN DEBT

Premium Pharmeasy operates an integrated, end-to-end business, providing digital
tools and information on illness and wellness. Mint  2 min read . Updated: 02
May 2022, 12:37 AM IST Swaraj Singh Dhanjal

 * The company has been in talks with credit arms of at least two American
   private equity firms



Read Full Story

Listen to this article




MUMBAI : API Holdings Ltd, the parent of Pharmeasy, is in talks with private
equity investors to raise around $250 million in debt in a bridge financing
round as current market conditions are unfavourable for an IPO (initial public
offering), said two people aware of the development. 



The company had filed the draft prospectus in November. “Pharmeasy has been
engaged in talks with the credit arms of at least two American private equity
firms. The transaction is expected to close soon. This is a bridge financing
round to help the company fund its business till markets become more conducive
to launch an IPO," said one of the people cited above, requesting anonymity as
the talks are private. 

TRENDING STORIESSee All
Premium

LIC IPO SUBSCRIBED NEARLY 3 TIMES ON FINAL DAY OF BIDDING

Premium

LIC IPO: GOVT OPTIMISTIC ON LISTING GAINS; SHARE ALLOTM ...

Premium

VISAKHAPATNAM PORT SUSPENDS OPERATIONS DUE TO CYCLONIC ...

Premium

SRI LANKA PM RAJAPAKSA'S HOME SET ON FIRE AMID SURGING ...




The funds will be used by India’s largest digital healthcare platform to repay
certain loans, as well as for working capital requirements. Pharmeasy plans to
raise ₹6,250 crore through its IPO, of which ₹1,929 crore will be used for
paying of outstanding debt.



“Our company and certain subsidiaries have entered financing arrangements for
availing various credit facilities from banks and financial institutions,
including borrowings in the form of terms loans, fund-based and non-fund-based
working capital facilities. As on 15 September, 2021, we had total outstanding
borrowings of ₹2,494.73 crore on a consolidated basis. We intend to utilise an
estimated ₹1,929 crore from the net proceeds towards prepayment or repayment of
all or a portion of certain outstanding borrowings availed by our company and
certain of our subsidiaries. This shall include investments to be made by our
company in certain subsidiaries... who in turn shall utilise the funds for
repayment or prepayment of all or a portion of their borrowings," the draft
prospectus said.

The loans that have been earmarked for repayment in the prospectus have a
repayment schedule in August 2022, the document showed. 

Out of the IPO proceeds, ₹1,259 crore will be used for funding organic growth
initiatives, and ₹1,500 crore for funding inorganic growth and strategic
initiatives. 

To be sure, Pharmeasy is not the only tech company that is exploring a debt
bridge financing round, said the second person cited above, also speaking on the
condition of anonymity. 

“The current market volatility has impacted IPO launches for companies, and tech
companies have also been hit on valuations. So companies that have near-term
capital requirements are evaluating a debt round to avoid diluting equity at
softer valuations ahead of their IPOs. These are expensive loans, and can cost
as much as 15% in dollar terms, but can be of great help for these companies in
the current environment," he added. 

MINT PREMIUM See All
Premium

AS INFLATION BITES, SMALL PACKS SHED WEIGHT AND TURN DEARER

Premium

AUTOMATED FOOD KIOSKS ARE THE FLAVOUR OF THE SEASON IN ...

Premium

THE REASONS BEHIND THE SLOW DISINVESTMENT PACE

Premium

FOR RELIANCE JIO, 5G HOLDS KEY TO FUTURE




Pharmeasy declined to comment on Mint’s queries. 

Pharmeasy operates an integrated, end-to-end business, providing digital tools
and information on illness and wellness, offering tele-consultation, diagnostics
and radiology tests and delivering treatment protocols, including medicines and
devices. Apart from Pharmeasy, API Holdings runs these businesses through
various brands, including aknamed, docon, retailio and Thyrocare Technologies.


Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.


Don’t let paywall keep you away from company insights
Get unlimited access to company insights on livemint.com & Mint app
Start 14 Days Free Trial
Already Subscribed? Sign in
Close



Recommended For You


LIC IPO: GOVT OPTIMISTIC ON LISTING GAINS; SHARE ALLOTMENT LIKELY ON 12 MAY

1 min read . 9 May 2022



VISAKHAPATNAM PORT SUSPENDS OPERATIONS DUE TO CYCLONIC STORM ASANI

3 min read . 9 May 2022



VIRAL VIDEO: NIRMALA SITHARAMAN OFFERS A BOTTLE TO OFFICIAL WHO GESTURES FOR
WATER

1 min read . 9 May 2022



SENSEX DOWN OVER 500 PTS, NIFTY BELOW 16,250; INDUSIND BANK, TECHM TOP LOSERS

4 min read . 9 May 2022



MULTIBAGGER STOCK ADANI WILMAR HITS LOWER CIRCUIT. SHARE DIPS 20% IN A WEEK

2 min read . 9 May 2022


















Feedback
Select your Category Query Suggestion
Your Message

No Network
Server Issue
Internet Not Available



WAIT FOR IT…

Log in to our website to save your bookmarks. It'll just take a moment.

Yes, Continue

WAIT FOR IT…

Oops! Looks like you have exceeded the limit to bookmark the image. Remove some
to bookmark this image.

Your session has expired, please login again.

Yes, Continue


CONGRATULATIONS!

You are now subscribed to our newsletters. In case you can’t find any email from
our side, please check the spam folder.


×

×

Edit Profile

Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout


SUBSCRIBE TO CONTINUE

This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp