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Online drug delivery platform PharmEasy tops up Series C funding round
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Mumbai-based 91 Streets Media Pvt. Ltd, which operates online drug delivery platform PharmEasy, has raised $50 million (Rs 363 crore) in an extended Series C round led by new investor Eight Roads Ventures.
F-Prime Capital, Fundamentum Advisors, San Francisco-based hedge fund Think Investments and existing investor Bessemer Venture Partners also participated in the round, according to a press note by investment banking firm Avendus, which advised PharmEasy on the transaction.
F-Prime Capital is the venture capital arm of Fidelity Investments and focuses on healthcare and technology sectors. Fundamentum is the $100-million venture capital fund floated by Infosys co-founder Nandan Nilekani and Helion Ventures co-founder Sanjeev Aggarwal.
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PharmEasy plans to use the fresh capital to augment its tech capabilities, expand its consumer base and diversify its offerings, the press note said.
The announcement comes barely a fortnight after VCCircle reported that PharmEasy was set to raise a Series D round of funding from Eight Roads Ventures, Fundamentum and others.
PharmEasy refused to respond to TechCircle's queries. However, a person familiar with the development said the $50 million amount was in addition to the $30 million the company had secured earlier this year from Bessemer and others in a Series C round. This person also said that the latest capital infusion was likely at the same valuation as the previous Series C tranche.
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The startup was founded in 2015 by Dharmil Sheth and Dhaval Shah. It had raised around $5 million in a Series A funding in 2016 from Ascent Health and Wellness Solutions, Bessemer, Orios Venture Partners and other investors.
In March last year, the company mopped up $16 million (Rs 105 crore at the time) in a Series B round. It topped up this round with $2 million (Rs 13 crore) the following month.
Earlier this month, Sheth told TechCircle that the startup had raised $5.5 million (Rs 40 crore) in venture debt from InnoVen Capital.
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The e-pharmacy connects patients with chemist shops. It also uses a tech-enabled lead-generation platform that helps customers get cheaper diagnostic tests. The company competes with the likes of 1mg and NetMeds.
NetMeds raised a Series C round of $35 million earlier this month. Gurugram-based 1mg raised capital in April while Matrix Partners-backed Myra secured $1.86 million from Tokyo-based Dream Incubator the month before.