EvolutionX Invests In PharmEasy’s Parent API Holdings

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Growth stage debt financing platform, EvolutionX Debt Capital (EvolutionX), founded by DBS and Temasek, has committed its maiden investment in API Holdings which owns the PharmEasy brand and powers the PharmEasy marketplace in India.

API Holdings is a digital healthcare platform with over 6 million transacting users, 150,000+ active pharmacies, 1,800+ hospitals and 21m+ tests annually providing an integrated end-to-end business solving the healthcare needs of consumers through technology and fulfilment capabilities. It works closely with and builds services for consumers, pharmaceutical companies, wholesalers, pharmacies, hospitals, doctors and clinics, and diagnostic labs through a connected ecosystem with a nationwide presence.

Launched in late-2021, EvolutionX seeks to provide an alternative source of debt financing to enable growth stage technology companies to scale faster and expand into new markets, by leveraging Temasek’s investment expertise and DBS’ global banking networks.

“…. This collective capital raise will optimise the capital structure as well as improve the net debt position and financial strength of the company, ensuring a clear runway to profitability….”, says Siddharth Shah, Co-Founder and CEO, API Holdings.

Rahul Shah, Partner and Co-Head leading investments across India and Southeast Asia for EvolutionX, said, “As capital markets continue to be muted and access to private capital narrows for tech start-ups, founders and their shareholders are increasingly seeking less dilutive forms of capital to extend their cash runway and avoid raising equity capital at lower valuations….”

Over the next few years, EvolutionX aims to build a strong pipeline of investment opportunities and provide amortising term debt facilities with ticket sizes of $20–50 million along with warrants or convertible instruments.

The debt financing platform seeks to invest in technology companies in a wide array of sectors such as consumer, education, financial services, healthcare, logistics, and industrial development in India, China, and Southeast Asia. Headquartered in Singapore, EvolutionX has built a robust investment team in Singapore, as well as a team based in Mumbai in India in 2022 and intends to establish its presence in China in 2023.



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