PharmEasy’s Expansion Plans Ahead of IPO

As PharmEasy gears up for its upcoming initial public offering (IPO), the online pharmacy startup is embarking on an ambitious hiring spree, aiming to recruit more than 200 engineers across its new development centers in Hyderabad, Pune, and Delhi.

Scaling Up for Growth

With its headquarters in Mumbai and a current workforce exceeding 6,100 employees, PharmEasy is strategically expanding its tech talent pool to fuel innovation and meet the surging demand for digital healthcare services. The company attributes this increased demand to the widespread adoption of digital solutions prompted by the Covid-19 pandemic.

Abhinav Yajurvedi, PharmEasy’s Chief Technology Officer (CTO), emphasizes the pivotal role of these new development centers in driving development and innovation within the organization.

The Vision of PharmEasy

Founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah, PharmEasy specializes in catering to the chronic care segment, offering a comprehensive suite of services including teleconsultation, medicine deliveries, and sample collections for diagnostic tests. Operating a business-to-business (B2B) pharma marketplace, PharmEasy boasts a vast network of 6,000 consultation clinics and 90,000 partner retailers nationwide.

Strategic Moves

In a significant strategic move, PharmEasy’s parent company API Holdings made headlines by becoming the first Indian startup to acquire a publicly listed company. The acquisition of Thyrocare Technologies, led by A Velumani, for ₹4,546 crore ($612 million) in June has paved the way for PharmEasy’s direct listing on the stock exchange.

Listing Options

Siddharth Shah, co-founder of PharmEasy, revealed that the company is exploring dual listing or reverse listing options. A dual listing involves two companies operating as a single entity through a legal equalisation agreement, while a reverse listing entails the acquisition of a private company by an existing public company to expedite the process of going public.

Board Appointments

To bolster its governance framework, PharmEasy has appointed five independent directors, augmenting its board to a total of 12 members. These strategic appointments underscore the company’s commitment to ensuring robust governance practices as it progresses towards its IPO milestone.