Stake sale · Healthcare & Life Sciences
API Holdings sells Thyrocare stake, repays debt
By Startup Enthusiast ·
- Date
- Company
- API Holdings
- What it does
- Online pharmacy and diagnostics
- Kind
- Stake sale
- Amount
- ₹986 crore
- Based in
- Navi Mumbai
What they do
API Holdings runs PharmEasy, an online pharmacy, and Thyrocare, a diagnostics chain
What happened
Its subsidiary Docon sold 9.9% of Thyrocare for ₹986 crore, used to repay ₹1,050 crore debt
Why it matters
The company is now debt-free and expects PharmEasy to turn profitable within 3-4 quarters
The details
- API Holdings, the parent of PharmEasy and Thyrocare, repaid ₹1,050 crore of debt and became debt-free.
- Its subsidiary Docon Technologies sold 1.57 crore Thyrocare shares (9.9% stake) on 13 August 2026 for ~₹986 crore.
- The block deal was executed at ₹624 per share, a ~3% discount to the previous close.
- Buyers included Citigroup, Morgan Stanley, and HSBC Mutual Fund.
- Thyrocare stock fell ~8% intraday on 13 August after the stake sale.
- Earlier, Docon sold ~10% of Thyrocare in October 2025 for ~₹668 crore.
- The two stake sales together raised ~₹1,650 crore for API Holdings.
- After the sale, promoter holding in Thyrocare dropped from 60.92% to 51.02%.
The bigger picture
- API Holdings had borrowed ₹2,280 crore from Goldman Sachs in 2022 at 17-18% interest to refinance the Thyrocare acquisition debt.
- In 2023, it breached a loan covenant after failing to raise ~₹1,000 crore in equity.
- The debt repayment freed the pledge on 79.5 million Thyrocare shares.
About the business
- API Holdings operates PharmEasy (online pharmacy), Thyrocare (diagnostics), Ascent (medicine distributor), and Aknamed (hospital supply chain).
- PharmEasy offers medicine delivery, lab tests, doctor consultations, vaccinations, elder care, nursing, and AI-powered physiotherapy.
- Its AI physiotherapy platform uses smartphone camera for posture analysis and covers 250+ conditions with 60+ physiotherapists.
- PharmEasy lab tests are powered by Thyrocare.
- The B2B business (including Ascent) had Q1 FY27 revenue of ₹1,005.6 crore, up 8% YoY.
- Thyrocare processed 55.2 million tests in Q1 FY27, up 28% YoY.
The deal
- Type
- stake-sale
Investors
- Citigroup (buyer) — Global investment bank.
- Morgan Stanley (buyer) — Global financial services firm.
- HSBC Mutual Fund (buyer) — Asset management arm of HSBC.
- Prosus (existing) — Global consumer internet group and investor.
- Temasek (existing) — Singaporean state-owned investment company.
- TPG Growth (existing) — Growth equity arm of TPG Capital.
- CDPQ (existing) — Canadian pension fund manager.
- 360 One (existing) — Indian wealth and asset management firm.
- Ranjan Pai's MEMG (existing) — Largest shareholder in API Holdings with estimated stake >12%.
Founders
- Siddharth Shah, Co-founder & Vice Chairman
- Dharmil Sheth, Co-founder
- Dr. Dhaval Shah, Co-founder