PharmEasy, one of India’s leading healthtech platforms, has raised ₹1,700 crore through a debt facility by pledging a 61% stake in its diagnostics subsidiary, Thyrocare Technologies. The move underscores PharmEasy’s ongoing efforts to strengthen its balance sheet and improve cash flows as it works toward profitability.
According to regulatory filings, the funds were raised from a consortium of lenders through non-convertible debentures (NCDs). The pledged stake represents the majority of PharmEasy’s holding in Thyrocare, which it acquired in 2021 in a landmark deal valued at over ₹4,500 crore – marking one of the biggest acquisitions in India’s healthtech space.
Industry experts view this move as a strategic step to refinance existing debt, optimize capital structure, and create room for operational investments. PharmEasy has been streamlining operations over the past year, cutting costs and consolidating its services across e-pharmacy, diagnostics, and teleconsultation verticals.
Thyrocare, one of India’s largest diagnostics chains, continues to deliver steady performance, contributing significantly to PharmEasy’s revenue mix. The pledged shares are not expected to impact day-to-day operations of the diagnostics business.
The capital raise comes at a time when India’s healthtech sector is witnessing consolidation, with players focusing on profitability over hypergrowth. For PharmEasy, the debt infusion provides a crucial liquidity boost as it looks to strengthen its market leadership and chart a sustainable growth path in the competitive digital health ecosystem.
