IPO-Bound Healthtech Startup PharmEasy's parent appoints 5 independent directors to the board

Mumbai-based API Holdings Ltd, the parent company of Heath-tech digital startup PharmEasy, said it had appointed five independent directors to the board of directors on Monday.

“The fresh appointments bring a great amount of cognitive diversity to the board, with luminaries from the world of public service, technology, pharma, medical fraternity, and the consumer sector,” the company said in a statement.

With the new appointment, API Holdings' board of directors has increased to 12 directors. The new appointments include Deepak Vaidya, who has decades of experience in the field of pharmaceuticals, micro-finance, healthcare and private equity; Dr Jaydeep Tank, a gynaecologist based in Mumbai and the secretary-general, FOGSI; Ramakant Sharma, founder and COO of Livspace and Subramanian Somasundaram, who recently retired as the CFO of Titan Company Ltd.

“This is yet another step in our journey of being the best in class of Corporate Governance and lead the way for times to come. The diversity will help us provide integrated, digital healthcare solution across the length and breadth of India benefitting all stakeholders. We have luminaries from the field of public service, a leading doctor, a tech wizard & angel investor, a pharma veteran and someone who has seen consumer business very closely. This diversity will help us bring a paradigm shift with rapid digitisation of healthcare and enable across the board doctor consultation, diagnostics labs and the supply chain for delivering medicines. With diverse experience of our board, our platforms will continue to significantly invest to improve access to affordable healthcare,” said Siddharth Shah, co-founder and CEO of API Holdings.

Founded in 2014 in Mumbai by Dharmil Sheth and Dhaval Shah, Pharm Easy is an e-commerce platform for the purchase of medicines and other healthcare-related equipment. The startup delivers goods to thousands of customers every day. On April 25, 2021, PharmEasy launched the COVID19 vaccination campaign, aiming to vaccinate more than 3 million people across India. In April, PharmEasy raised $323 Mn in a Series E round led by Prosus Ventures and TPG Growth at a $1.2 Bn valuation and entered the Unicorn club.

On June 25, 2021, the parent company of PharmEasy, API Holdings has disclosed the signing of documents to buy a 66.1 per cent stake in Thyrocare.

API Holdings owns brands and platforms like PharmEasy, RetaiIO, DocOn and Thyrocare.