PharmEasy parent API Holdings clocks Rs 60 Cr EBITDA in H1 FY24: Co-founder Dharmil Sheth
Dharmil Sheth, Co-founder of API Holdings, also confirmed on Tuesday that the company’s rights issue worth Rs 3,500 crore is oversubscribed.
API Holdings—the parent company of, , , and Retailio—logged a cumulative EBITDA of Rs 60 crore in the April to September period of 2023.
In November last year, the company had set a goal of achieving profitability in April 2023, and it has managed to hit a positive EBITDA for all six months of FY24 put together, Dharmil Sheth, Co-founder of API Holdings, said, in a LinkedIn post on Tuesday.
Sheth said, “We decided in November 2022 that we should be profitable in April 2023. Not move 'towards' profitability/not 'try to be profitable' - Just be 'profitable'. And the power of a common vision, teamwork, people coming together and moving towards a common goal, and just out-executing was proven!”
The company also launched a rights issue worth Rs 3,500 crore, which has been oversubscribed, the top executive confirmed on Tuesday. The development comes months after several media outlets reported that API Holdings was looking to raise funds to repay a big portion of its debt to Goldman Sachs.
Ranjan Pai, Founder of Manipal Health Enterprises, had reportedly agreed to invest Rs 1,200 crore, as per a report by Mint.
In the social media post, Sheth wrote, “Every single shareholder stood up and supported us, believed in our vision and saw value in what the team at API is building. Big heartfelt thank you to the entire cap table for supporting us and a big warm hug to the entire rockstar team @API for making this possible. What would we do without you!”
He noted that while a lot is being said and written about the company lately, it has chosen not to respond, as it believes in doing what is right for the team, the shareholders and the company, and just out-execute.
“It's easier to write about companies as they are 'entities at the end'. We tend to forget that in the end, these entities are made by real people with real sweat, blood, tears, and a lot more! Cheers to what the team did in the last one year > achieved the seemingly impossible,” his post noted.
Meanwhile, as per media reports, Axelia Solutions Pvt Ltd—which operates healthtech platform PharmEasy’s mobile application and website—posted Rs 256 crore in revenue from operations in the financial year ended March 2023, down 21% from the previous financial year.
The entity’s loss for the period narrowed to Rs 0.7 crore from Rs 5.3 crore in FY22, as total expenses shrunk by 18% to Rs 259 crore, as per data available with the Ministry of Corporate Affairs (MCA).
Edited by Suman Singh