Digital pharmacy platform PharmEasy's parent firm API Holdings has withdrawn IPO DRHP. The company had filed IPO DRHP with Securities and Exchange Board of India (SEBI) on November 9 last year.

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The digital healthcare company will consider raising funds via rights issue.

API Holdings rights issue will have Compulsory Convertible Preference Shares (CCPS). The right issue to open in first week of September.

In its DRHP, the company had said that it will focus on core areas of growth like marketing and promotional activities to increase brand awareness, supply chain infrastructure, and technology capabilities.

Recently, PharmEasy had announced its partnership with Cashfree Payments intending to deliver quick and convenient payment settlements to its retail partners.

The online pharmaceutical platform facilitates and enables third-party retail partners across the country to sell pharmaceutical and healthcare products and services through its role as an intermediary and marketplace. Additionally, the platform handles payments for purchases and sales made by consumers with retailers.

API Holdings with subsidiaries like PharmEasy and Thyrocare provides health services ranging from radiology tests, teleconsultation, and home delivery of medical devices and products. The firm had acquired Thyrocare, India's largest diagnostic test provider, earlier in 2021.

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First Published:Aug 20, 2022 7:01 PM IST