Manipal Group's chief, Ranjan Pai, has received clearance from the Competition Commission of India (CCI) for his investment in the online pharmacy, PharmEasy.
This investment is part of a Rs 3,500-crore funding round through a rights issue. Pai's stake in PharmEasy now exceeds 12 per cent, making him one of the largest investors in the Mumbai-based company.
Pai is set to secure three board seats in PharmEasy's parent company, API Holdings, as part of this investment, pending CCI approval. PharmEasy initially planned a Rs 2,400-crore rights issue, later increased to Rs 3,500 crore, aimed at clearing debt incurred from Goldman Sachs.
Pai has recently accelerated his investments through his family office, with notable stakes in companies like Aakash Institute, Bluestone, and FirstCry. PharmEasy, amidst reducing its monthly expenditure, looks to Pai for strategic guidance following his investment, as it faces competition from rivals like 1mg, Flipkart Health Plus, Apollo, and Netmeds.
The regulator, in January, gave its approval to the proposals of purchasing stakes in PharmEasy by various entities, including South Africa-based Naspers group and Singapore's sovereign wealth fund Temasek.
The regulator has also granted approval to CDPQ Private Equity Asia Pte, DBS Group Holdings, and Goldman Sachs India Alternative Investment Trust to acquire stakes in API Holdings Ltd.
