PharmEasy Raises ₹1,700 Crore by Pledging 61% of Thyrocare Stake

As per the news reports, API Holdings Limited, the parent of online pharmacy PharmEasy, has raised ₹1,700 crore (about $193 million) through redeemable non-convertible debentures (NCDs). The money will be used to repay earlier borrowings.

Collateral Pledged

To secure the fresh issue, Docon Technologies, the parent company of Thyrocare and a subsidiary of API Holdings, pledged 3.23 crore shares of Thyrocare. This represents 60.99% of Thyrocare’s equity. The pledge was made in favour of Catalyst Trusteeship Limited, which is acting as the debenture trustee.

Previous Borrowings

API Holdings had earlier issued NCDs carrying a total redemption value of  ₹1,820 crore. Of this, ₹1,545.4 crore remained outstanding before the latest transaction. The new fundraising will help close that liability. Previously, the company had pledged 71.06% of Thyrocare’s shares for the earlier issue.

Leadership Reshuffle

The financing move comes at a time of multiple leadership changes. In August 2025, cofounder Siddharth Shah stepped down as CEO of PharmEasy and was replaced by Rahul Guha, who continues as MD and CEO of Thyrocare. Shah remains as director and vice-chairman of API Holdings. Earlier in January, cofounders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia exited their executive roles to start a new venture in design and interiors.

Following these exits, control of PharmEasy rests largely with institutional investors, including Ranjan Pai’s Family Office, Prosus, TPG, and Temasek. Responsibility for restoring financial stability now sits with the restructured leadership.

Financial Performance

For FY25, API Holdings reported a net loss of  ₹1,516.8 crore, a decline of 40% from ₹2,531 crore in FY24. Operating revenue stood at ₹5,872.1 crore, little changed from ₹5,664.2 crore the previous year.

Thyrocare, which was acquired by API Holdings in 2021 for ₹4,546 crore, reported a 30.6% increase in net profit to ₹90.8 crore in FY25. Its operating revenue rose 20.2% year-on-year to ₹687.4 crore.

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Conclusion

The debt raise allows PharmEasy to retire older obligations, while its operating business and subsidiary Thyrocare continue to face ongoing management and financial adjustments.

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