Amritsar, NFA Post: Online pharmacy PharmEasy has received the Competition Commission of India’s (CCI) approval for investment from Canada-based pension fund Caisse de depot et placement du Quebec (CDPQ).
CDPQ is an existing investor in PharmEasy, and would acquire 2% stake in its parent entity API Holdings, according to a notification from CCI.
The Canadian fund had also participated in PharmEasy’s $220 million round in November 2019.
This investment comes at a time when PharmEasy is in advanced stage to raise up to $200 million from Prosus Ventures, which would put the startup in the league of unicorns.
Financial details of the transaction has, however, not been disclosed.
Founded in 2014 by Dharmil Sheth and Dhaval Shah, PharmEasy had raised around $5 million in its Series A funding round in 2016 from Ascent Health, Bessemer Venture Partners, Orios Venture Partners and other investors.
Later in March 2017, the company had secured $16 million in its Series B round. PharmEasy topped up this round with $2 million the following month.
In 2018, the startup raised $30 million from Bessemer and others in a Series C round. In September last year, it secured $50 million in an extended Series C round led by new investor Eight Roads Ventures.