Pharmeasy Essentials

Read this research to get complete analysis about PharmEasy Unlisted shares.

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Face Value


Total Share


Total Income

₹5,756.28 Cr

Profit After Tax

-₹3,992.50 Cr







Market Capitalisation

₹14,635.46 Cr

Enterprise Value

₹17,405.68 Cr

Book Value


Earnings Yield

-30.33 %


Health Care




Upcoming IPO

Cashflow - Operations

-₹2,589.37 Cr

Cashflow - Financing

₹8,305.37 Cr

Pharmeasy Growth

Compounded Sales Growth

  • 145.32%

    1 Year

  • 192.95%

    2 Year

Pro Only

Compounded Profit Growth

  • -522.53%

    1 Year

  • -245.08%

    2 Year

Pro Only

Return On Equity

  • -75.30%


  • -33.51%


Pro Only

About Pharmeasy

  • Pharmeasy was founded in 2015 by Dharmil Sheth and Dhaval Shah in Mumbai. 
  • in 2016, the company its operations expanded into 5 cities and launched a home diagnostics service in the same year
  • In 2017, the company expanded into 700 cities and launched the online delivery of healthcare products. In the next year, it reached the pan-India presence
  • In 2020, the company got merged with Ascent Health, Dialhealth, Docon, Retailio, and Redbook to form API Holdings, to form India's biggest online healthcare company.
  • In 2021, it purchased a 66% stake in Tyrocare and became the first unicon in India to acquire a listed company.
  • API Holdings Limited, through its subsidiaries, develops and operates an integrated digital healthcare platform. The company offers teleconsultation; diagnostics and radiology tests; and Redbook, an enterprise resource planning (ERP) and pharmacy customer relationship management software
  • The company operates a consumer healthcare app called PharmEasy which enables on-demand, home delivery of pharmaceutical products to customers
  • It also provides call center management, medical and legal transcription, data processing, warehousing, and database management services
  • In addition, the company offers pharmaceutical, medical, and healthcare products; nutraceutical products; generic drugs; dietary and food supplements, as well as surgical instruments and equipment
  • The company engages in the wholesale and retail of pharmaceuticals, antibiotics, drugs, medicines, biologicals, nutraceuticals, healthcare, ayurvedic, and dietary supplement products; medicinal preparations and vaccines; and wellness and health-related products
  • The company has also started a surgeries unit called Pharmeasy SurgiCare, which caters the elective surgeries across major locations in India such as Mumbai, Chennai, Delhi, Pune, Bangalore, Indore, etc.
  • It serves pharmacies, hospitals, clinics, and doctors. Currently, it has a team of 4,000+ employees and more than 10,000 retail stores which ensure medicines are delivered on time at affordable prices.

  • Pharmeasy IPO Details

The company has withdrawn there DRHP and will be coming up with the IPO soon.

Below are the details relating to the previously filed DRHP:

API Holdings Limited has filed its DRHP on 8th November 2021. According to the DRHP the entire IPO only consists of a fresh issue, which means that none of the existing shareholders of the company are selling their stake in the company. Their decision to not to cash out during the IPO indicates confidence among company’s investors about the growth potential of the company.

The company may also consider a further issue of equity shares via a private placement of up to ₹1250 crore as mentioned in their DRHP.

Fresh Issue

₹ 6250.00 Cr

Total IPO Size

₹ 6250.00 Cr

  • Pharmeasy Merger & Acquisition


  • Docon Technologies Private Limited (the “Acquirer”), a wholly owned subsidiary of API Holdings entered into a share purchase agreement dated June 25, 2021 for the purchase of 34,972,999 equity shares of Thyrocare aggregating to 66.14% of the equity share capital for an aggregate consideration of ₹ 45,464.90 million. Further, the Acquirer made an open offer to the shareholders of Thyrocare for acquisition of upto 13,755,077 equity shares of Thyrocare and ended up acquiring 2,683,093 equity shares at a price of ₹ 1,300 per equity share, aggregating to 5.07% of the equity share capital. The transaction was consummated on September 2, 2021, being the date when the company acquired the control of Thyrocare.
  • On 19th August 2021, API Holdings(Pharmeasy) acquired 12,04,133 equity shares and 9,75,925 equity shares of Aknamed for a consideration of ₹3,687.00 million and ₹3,080.00 million respectively. Further, the company purchased 76,075 equity shares of Aknamed through a share purchase agreement dated August 19, 2021 from certain angel investors. API Holdings(Pharmeasy) has made this acquisition to position itself as a broader online healthcare firm, diversifying from being just an online medicine delivery platform.
  • The company purchased 2,440,057 securities of Medlife International Private Limited from Ananth Sankaranarayanan, Prasid Uno Family Trust, Ananth Sankaranarayanan Family Trust, Matrix Partners India Investments Holdings II, LLC, Matrix Partners India Investments II Extension, LLC, Times Internet Limited, Dream Incubator Inc. (“Medlife Shareholders”) for an aggregate consideration of ₹ 10,827.61 million provided under the Medlife SPA by way of issue of 17,94,588 CCPS XVI, 1,29,023 CCPS XVII and 9,544 CCPS XVIII of our Company to Medlife Shareholders in accordance with the securities subscription agreement dated December 16, 2020. Further, as part of the Medlife SPA, the Company entered into CCD agreement dated December 16, 2020 with Ivy Icon Solutions LLP for transferring the existing compulsorily convertible debentures held by Ivy Icon in Medlife International Private Limited in consideration of issuance of CCDs to Ivy Icon by our Company. 


  • On October 14, 2021, the company acquired 49.17% of the equity share capital of Marg ERP Limited for a consideration of ₹ 2,548.00 million. Marg is into the business of B2B Pharma, software and solutions.
  • On August 10, 2021, the company acquired 19.99 % of the equity share capital of Aarman Solutions Private Limited for a consideration of ₹ 99.95 million. Aarman is the 100 % owner of Axelia Solutions Private Limited, the entity which operates the PharmEasy marketplace. 
  • Pharmeasy Subsidiaries

  • Medlife Wellness Retail Private Limited
  • Akna Medical Private Limited
  • Ascent Wellness and Pharma Solutions Private Limited
  • Shell Pharmaceutical
  • Threpsi Solutions Private Limited
  • Aycon Graph Connect Private Limited
  • ARZT and Health Private Limited
  • Docon Technologies Private Limited
  • AHWSPL India Private Limited
  • Instinct Innovations Private Limited
  • Ayro Retail Solutions Private Limited
  • Avighna Medicare Private Limited
  • D. C. Agencies Private Limited
  • Desai Pharma Distributors Private Limited
  • Eastern Agencies Healthcare Private Limited
  • VPI Medisales Private Limited
  • Aarush Tirupati Enterprise Private Limited
  • AKP Healthcare Private Limited
  • Aryan Wellness Private Limited
  • Aushad Pharma Distributors Private Limited
  • Dial Health Drug Supplies Private Limited
  • Mahaveer Medi-Sales Private Limited
  • Reenav Pharma Private Limited
  • Venkatesh Medico Private Limited
  • Muthu Pharma Private Limited
  • Pearl Medicals Private Limited
  • Rau and Co Pharma Private Limited
  • Metarain Distributors Private Limited
  • Allumer Medical Private Limited
  • Shreeji Distributors Pharma Private Limited
  • Vardhman Health Specialities Private Limited
  • Cosaintis Products Private Limited
  • Healthchain Private Limited
  • Supplythis Technologies Private Limited
  • Nueclear Healthcare Limited
  • Thyrocare Technologies Limited

Pharmeasy Business Model

  • Medlife Wellness Retail Private Limited operates as a healthcare company. The Company offers online medicines, wellness products, book doctor consultation.
  • Akna Medical Private Limited is a hospital-focused supply chain platform, enabling hospitals to simplify, optimise and monitor procurement and consumption using a cloud-based technology platform, national infrastructure and a complete product basket.
  • Ascent Wellness and Pharma Solutions Private Limited a pharma supply chain company focused at automation and innovation in backend processes to improve  accessibility and affordability of effective healthcare for all.
  • Shell Pharmaceutical is a Haryana based pharmaceutical company ,established in 1995, with the vision of making high quality medicines. Shell Pharmaceutical is a research driven forward looking pharmaceutical company with expertise in development of various finished dosage.

  • Pharmeasy Revenue Segmentation

  • Revenue from sale of Medicine
  • Revenue from Sale of Services
  • Other Operating Revenue
  • Pharmeasy Product & Services

  • Prescription/OTC pharmaceuticals
  • Consumer healthcare products
  • Comprehensive diagnostic test services
  • Teleconsultations
  • Surgeries - SurgiCare
  • Pharmeasy Assets

Assets (FY22)Amount (in ₹Cr)
Intangible Assets663.5
Property Plant & Equipment 567.8
  • Pharmeasy Industry Overview

Industry Statistics


  • India is a critical player in the global pharmaceutical industry. It is the world’s largest supplier of generic medications, accounting for 20% of the worldwide supply by volume and supplying about 60% of the global vaccination demand. The Indian pharmaceutical sector is worth USD 42 billion and ranks 3rd in terms of volume and 13th in terms of value worldwide.
  • Major segments of the Indian Pharmaceutical Industry include generic drugs, over-the-counter medicines, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics. factors that have led to recent improvements in growth rate include expansion to new geographies, widening the coverage of pharma and over-the-counter products sold by the company, improved delivery times, etc.
  • Indian pharmaceutical sector supplies over 50 of the global demand for various vaccines, 40 of the generic demand in the US, and 25 of all medicine in the UK The domestic pharmaceutical industry includes a network of 3 000 drug companies and 10 500 manufacturing units.
  • The healthcare sector consists of businesses that provide medical services, manufacture medical equipment or drugs, provide medical insurance, or otherwise facilitate the provision of healthcare and pharmaceuticals to patients.
  • Apart from over-the-counter sales, a new trend that has been seen in the pharmaceutical industry is the online sale of pharmaceuticals. The online pharmacy market in India has been growing rapidly and the prevalent pandemic conditions acting as a catalyst for its growth. 
  • The online pharmacy market has grown because of factors like increased smartphone penetration, another major factor increasing the growth of the entire pharmaceutical industry, both online and offline, was the huge surge in the Covid-19 pandemic witnessed by the country. 
  • The regulations in the industry include the Draft Drugs and Cosmetics rule of 2018, the Drugs and Cosmetics act of 1940, the Drugs and Cosmetics Rules of 1945, the Pharmacy Act of 1948, and The Drugs and Magic Remedies (Objectionable Advertisement) Act, 1954.

Market Overview:

  • The global e-pharmacy market was valued at USD 60.9 billion in 2021. It is anticipated to reach USD 219.8 billion by 2028, at a CAGR of 20.1% from 2022-2028.
  • The online pharmacy market is currently valued at USD 360 million in 2021. It is expected to reach USD 1.09 billion by 2025, expanding a CARG of 22.2% from 2022 to 2027.
  • E-pharmacy market is categorized into two segments - Chronic and acute therapy. The chronic therapy segment accounted for 61.8% of the overall revenue in 2021 and is expected to continue to reign during the forecast period. However, its market share is estimated to decline from 61.8% in 2021 to 52.3% in 2027.
  • The acute therapy segment is anticipated to witness growth from 2022 to 2027e period. Its market share is expected to increase from 38.2% in 2021 to 46.7% in 2027.
  • About 12% of the Indian population is above 54 years of age and are major chronic patients, which is expected to grow,  thus E pharmacy sector is estimated to serve 210 million chronic patients by the end of 2022.

Key Drivers:

  • Unorganized nature of traditional pharma retail - Traditional pharma retail sector is highly unorganized as there are multiple retailers at multiple locations leading to challenges such as the sale of sub-standard and counterfeit drugs, price wars amongst various retailers, and limited availability of drugs. The proliferation of e-pharmacies helps to curb this menace, as it will allow consumers to purchase drugs from a highly organized online platform.
  • Government Support - During covid times, the central and state governments understood the necessity of e-pharmacies and classified them as essential services and also promoted them on the Aarogya Setu App. PMBJP, Digital India, Ayushman Bharat, Startup India, and National Digital Health Mission (NDHM) are some of the initiatives undertaken by the government to boost growth and enhance the ease of doing business in the online pharmacy segment.
  • Value and convenience offered - E-pharmacies can help ensure a supply of genuine and authorized drugs and a wide variety of drugs at affordable prices by eliminating middlemen and offering discounts, with easier accessibility such as online platforms, home delivery & improved digital payment infrastructure. Therefore, e-pharmacies are expected to be widely accepted in our country, due to the convenience and value it offers.
  • Untapped in tier II and tier III cities - E-pharmacies still have a lot of scope for expansion in tier II and III cities, which can be achieved by making huge investments in the improvement of logistics channels in these cities.

Key Trends:

  • Artificial Intelligence AI can fundamentally assist with analytics by providing a more data-driven approach toward patient classification to provide solutions that use automated technology that uses automation features to acknowledge prescriptions and administer drugs, with minimal contribution from a pharmacist.
  • The application of machine learning tools provides an opportunity to increase drug discovery and development and provide new medicines to patients more quickly.
  • Deep learning changes the e-pharmacy industry by analyzing data at excellent speed with high accuracy rates as it utilizes a layered algorithm of a database to abstract data at an amazing rate. Deep learning utilizes mathematical representation which helps in easing data interpretation for consumers through e-pharmacy apps, which can significantly improve healthcare.
  • Internet of Things made health-monitoring technology accessible and affordable. IoT gives e-pharmacies new opportunities, including better control of drug manufacturing, maintenance of equipment and development supply chain.

Competitive Landscape:

  • Pharmeasy is the largest player in the e-pharmacy segment in India. It serves 50% of the total e-pharmacy in India. It is followed by Tata 1mg with a market share of 18%. Netmeds has acquired 15% of the e-pharmacies market in India as of 2022.

Future Prospects

  • The Indian pharma industry has grown 10 times in the last two decades driven by its strength in the global generics space. Growth from USD 4.2 billion in 2000 to USD 41.7 billion in 2020. The market is expected to touch USD 130 billion by 2030 at a CAGR of 12% from FY20-FY30.
  • Medicine spending in India is projected to grow 9-12% over the next five years, leading India to become one of the top 10 countries in terms of medical spending.
  • The Medical Device industry is a sunrise sector and has the potential of growing the highest among all the sectors in the healthcare system. Various categories of devices starting from consumables to implantable medical devices are being manufactured in India.

Government Initiatives

  • The Department of Pharmaceuticals of The Government of India initiated a PLI scheme to promote domestic manufacturing by setting up greenfield plants with minimum domestic value addition in four separate ‘Target Segments’ with a cumulative outlay of ₹ 6,940 crores (USD 951.2 million) from FY21 to FY30.
  • Foreign investments in pharmaceuticals in greenfield projects are allowed up to 100% under the automatic route and for brownfield pharmaceutical projects, foreign investment beyond 74% to up to 100%, Government approval is required.
  • In June 2021, Finance Minister Ms. Nirmala Sitharaman announced an additional outlay of ₹ 197,000 Cr (USD 26,578.3 million) that will be utilized over five years for the pharmaceutical PLI scheme in 13 key sectors such as active pharmaceutical ingredients, drug intermediaries, and key starting materials.
  • Production Linked Incentives to enhance manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high-value goods in the pharmaceutical sector. The total financial outlay of the scheme is ₹ 15,000 crore and three categories of pharmaceutical goods will be incentivized under the scheme based on their incremental sale of 6 years. The tenure of the scheme is from FY21 to FY29.
  • The Digital India Program was started by the government in 2015 to digitally connect every corner of India including the rural areas and remote villages with high-speed internet. The aim of this campaign was to empower citizens to gain knowledge and use government services easily and to make people interact with the government. Over the years this program has increased the number of online users to a large extent and has helped online businesses in increasing their consumer base.
  • Under Union Budget 2021-22, the Ministry of Health and Family Welfare has been allocated ₹ 73,932 Cr (USD 10.3 billion), and the Department of Health Research has been allocated ₹ 2,663 Cr (USD 365.68 billion). The government allocated ₹ 37,130 Cr (USD5.1 billion) to the 'National Health Mission’.
  • To achieve self-reliance and minimize import dependency on the country's essential bulk drugs, the Department of Pharmaceuticals initiated a PLI scheme to promote domestic manufacturing by setting up greenfield plants with minimum domestic value addition in four separate ‘Target Segments’ with a cumulative outlay of ₹ 6,940 Cr (USD 951.2 million) from FY21 to FY30.
  • PM Aatmanirbhar Swasth Bharat Yojana was allocated ₹ 64,180 Cr (USD 8.8 billion) over six years. The Ministry of AYUSH was allocated ₹ 2,970 Cr (USD 407.8 million), up from ₹ 2,122 Cr (USD 291.3 million). This will assist healthcare-related service industries to grow in the long run.

Pharmeasy Awards & Achievements

  • PharmEasy has been selected in the list of top 100 Most Promising Brands in India 2016 and has been rated as the most admired brand in the healthcare category in the country.
  • The founders of PharmEasy, Dhaval Shah and Dharmil Sheth, were named in Forbes 30 under 30 list on 17 February 2017.
  • The company was the winner of the second annual CB Insights Digital Health 150 in 2020.

Pharmeasy Strengths

  • Convenience - PharmEasy provides a convenient way for customers to order medicines and healthcare products online from the comfort of their homes, without the need to physically visit a pharmacy.
  • Wide range of products - The platform offers a wide range of medicines and healthcare products, making it a one-stop shop for customers' needs.
  • Competitive pricing - PharmEasy offers competitive pricing for its products, which attracts customers and helps the company to gain market share.
  • Efficient delivery system: The company has an efficient delivery system, with most orders being delivered within 24-48 hours of being placed.
  • Strong brand reputation - PharmEasy has built a strong brand reputation in the Indian market, with customers trusting the platform for their healthcare needs.
  • Strategic partnerships - The company has formed strategic partnerships with several leading healthcare providers, which allows it to offer a more comprehensive range of healthcare services to its customers.

Pharmeasy Shortcomings

  • Regulatory challenges - The online pharmacy industry in India is still evolving, and there are regulatory challenges that PharmEasy and other players in the industry need to navigate.
  • Dependence on third-party logistics - PharmEasy relies on third-party logistics providers for the delivery of its products, which can sometimes result in delays or other issues.
  • Limited brand awareness outside of India - While PharmEasy has a strong brand reputation in India, it is not yet well-known outside of the country, which could limit its ability to expand globally.
  • Dependency on discounts and offers - The company heavily relies on discounts and offers to attract and retain customers, which could impact its profitability in the long run.
  • Limited product differentiation - The products and services offered by PharmEasy are not significantly differentiated from those offered by its competitors, which could impact its ability to stand out in a crowded market.

Pharmeasy Opportunities

  • Growing market - The Indian online pharmacy market is expected to grow significantly in the coming years, driven by factors such as increasing internet penetration, rising healthcare costs, and a growing aging population. This presents a significant opportunity for PharmEasy to expand its customer base and increase its revenue.
  • Expansion into new geographies - The company can expand into new geographies within India and potentially even outside of the country, to increase its reach and grow its customer base.
  • Diversification of product and service offerings - PharmEasy can diversify its product and service offerings to include other healthcare-related services such as online consultations, health checkups, and diagnostic tests, to provide a more comprehensive healthcare experience for its customers.
  • Partnership with healthcare providers - The company can form strategic partnerships with healthcare providers to offer a wider range of healthcare services to its customers, such as telemedicine services and home healthcare services.
  • Use of technology - PharmEasy can leverage technology such as artificial intelligence, machine learning, and data analytics to improve its operations, personalize its offerings, and enhance its customer experience.
  • Increasing use of e-prescriptions - The use of e-prescriptions is expected to increase in India, which can benefit PharmEasy, as it can provide a more convenient and streamlined way for customers to order medicines online.

Pharmeasy Threats

  • Intense competition - The online pharmacy market in India is highly competitive, with several players competing for market share. This could impact PharmEasy's ability to attract and retain customers.
  • Stringent regulatory environment - The online pharmacy industry in India is still evolving, and there are several regulatory challenges that the company needs to navigate, including licensing requirements and compliance with data privacy regulations.
  • Counterfeit products - There is a risk of counterfeit products being sold online, which can damage the company's reputation and impact customer trust.
  • Dependence on third-party vendors - PharmEasy relies on third-party vendors for the procurement and delivery of its products, which can result in supply chain disruptions or quality issues.
  • Cybersecurity risks - As an online platform, PharmEasy is exposed to cybersecurity risks such as data breaches, which can impact customer trust and lead to reputational damage.
  • Economic slowdown - Any economic slowdown in India could impact the demand for healthcare products and services, which could impact PharmEasy's revenue and profitability.
Pharmeasy Rating



  • Pharmeasy Detail Info

Industry Statistics


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Reg Office: 902, 9th Floor, Raheja Plaza 1, B-Wing, Opposite R-City Mall, L.B.S Marg, Ghatkopar (W), Mumbai, Mumbai City, Maharashtra.

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