Announced Date: October 2021
o3 Capital acted as the Exclusive Financial Advisor to Aknamed on its acquisition by API Holdings
API Holdings Private Limited (“API Holdings”), the parent company of PharmEasy, Ascent Wellness and Thyrocare has acquired Akna Medical Private Limited (“Aknamed”) in order to add hospital supply chain services to its portfolio of healthcare holdings. Pursuant to this transaction, Aknamed, under API Holdings, will continue to build India’s leading tech-enabled GPO focused on healthcare and pharmaceutical supplies.
Founded by Saurabh Pandey and Mahadevan Narayanamoni in 2018, with investments from Lightrock India across multiple rounds, Aknamed is India’s leading digital-first hospital supply chain platform, aimed at enabling healthcare providers to simplify, optimize and monitor procurement and consumption using its cloud-based technology platform. Serving more than 800 hospital units, Aknamed caters to leading multi-specialty and single-specialty hospital networks of the country, having helped them achieve significant cost savings. Backed by its pan India infrastructure of more than 40 cold chain enabled fulfilment centers, Aknamed has scaled organically and through acquisitions over the last 18 months while offering a comprehensive product basket of generic pharma, specialty pharma, surgicals, vaccines and medical consumables.
API Holdings is India’s largest digital healthcare platform and the parent company of PharmEasy, Ascent Wellness and Thyrocare. The platform digitizes and organizes the healthcare supply chain to provide easy access to affordable and authentic products in the shortest possible time. The platform also provides SaaS solutions for pharmacies to use in procurement combined with delivery and logistics support, as well as credit solutions to buy in excess of 200,000 medicines from more than 3,000 pharma manufacturers. It also owns India’s largest consumer digital healthcare platform, PharmEasy, which touches the lives of 2 million patients each month by providing access to genuine products at affordable prices in the convenience of their homes.
On the transaction, Mohit Khullar, Managing Director, o3 Capital said “Aknamed & API Holdings are playing a pivotal role in transforming the broken and fragmented Indian healthcare supply chain ecosystem through their differentiated and tech-driven business models. The transaction will generate significant synergies for the combined entity through cross-sell opportunities of the wider product basket and scale benefits in terms of procurement, infrastructure and fulfilment capabilities.”
The deal reiterates o3 Capital’s strong credentials in the healthcare space and our ability to consummate deals in the digital ecosystem. This marks o3 Capital's 4th deal closure in the healthcare supply chain segment in the last 15 months and 9th overall, reinforcing our position as an advisor of choice for businesses and investors in this segment.