Company Intelligence Profile
API Holdings Limited
API Holdings Limited is the unlisted Mumbai-based public holding company behind PharmEasy, India's largest digital healthcare aggregator by GMV; incorporated 2019, ~$1.19B raised, ~Rs 5,664 cr consolidated FY24 revenue, majority owner of listed Thyrocare Technologies.
Last updated 6 September 2026
API Holdings Limited is the Mumbai-based holding company behind PharmEasy, India's largest digital healthcare aggregator by GMV, offering online pharmacy, B2B pharma distribution, diagnostics via majority-owned Thyrocare Technologies, and teleconsultation. Incorporated in 2019, the company has raised approximately $1.19 billion across multiple rounds, with consolidated FY24 revenue of approximately Rs 5,664 crore, down around 14.7% from FY23.
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
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Company Identity
| Registered name | API Holdings Limited |
|---|---|
| CIN | U60100MH2019PLC323444 |
| PAN | AASCA1201E. Source: Tofler; corroborated by GST record (GSTIN embeds this PAN). |
| Status |
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| Listing |
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| Incorporated | 31 March 2019. Source: Tofler, TheCompanyCheck (both agree). |
| ROC |
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| Sector (NIC) |
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| Registered address |
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| Authorized capital |
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| Paid-up capital | CONFLICT: Tofler shows Rs 700.44 crore; treat as approximately Rs 700-740 crore. |
Business Overview
- API Holdings Limited is the parent/holding company of PharmEasy, India's largest digital healthcare aggregator by GMV (founded 2015, Mumbai-HQ)
- Core offerings: online pharmacy marketplace (medicine delivery); tech-enabled hospital supplies and pharma distribution (B2B connecting pharmacies with wholesalers/pharma companies); diagnostics
- EMR & clinic practice-management software; teleconsultation
- Business model has historically been loss-making with operating expenses exceeding revenue
- Source: multiple
Directors & KMP
| Name | DIN | Role | Appointed |
|---|---|---|---|
| Siddharth Bhaskar Shah | 05186193 | Managing Director | - |
| Rahul Franklin Guha | 09588432 | Managing Director | - |
| Dhaval Shah | 07485688 | Whole-time Director | - |
| Vineeta Rai | 07013113 | Director | - |
| Subramaniam Somasundaram ( | 01494407 | - | - |
GST Registrations
| GSTIN | State | PAN | Status |
|---|---|---|---|
| 27AASCA1201E1Z3 | Maharashtra | AASCA1201E. Source: Tofler; corroborated by GST record (GSTIN embeds this PAN). | Active |
Primary GSTIN: 27AASCA1201E1Z3 (Maharashtra — home state, state code 27). PAN: AASCA1201E. Registration date: 25 September 2019. Taxpayer type: Regular. Status: Active. Number of registrations under this PAN: 5 (Maharashtra, Karnataka, Delhi, West Bengal, Telangana per KnowYourGST). CAVEAT: GST legal name still reads "API HOLDINGS PRIVATE LIMITED" (stale pre-conversion name; same PAN/entity). Source: KnowYourGST, Masters India.
Financials
- CONSOLIDATED (group): FY2024 total revenue approx Rs 5,664 crore, down ~14.7% from FY2023's approx Rs 6,644 crore (Rs 66,439.38 mn)
- Structurally loss-making — FY23 total expenses approx Rs 8,065 cr vs revenue Rs 6,644 cr
- FY24 loss reduced YoY but exact FY24 consolidated PAT/net loss, EBITDA, net worth and borrowings NOT reliably obtained (single web-search source; annual-report PDF could not be parsed)
- STANDALONE: operating revenue range "Over Rs 500 cr", revenue -21.32% YoY, borrowings -49.4%, net worth +37.75%; exact standalone figures behind Tofler Pro paywall
- Report distinguishes standalone vs consolidated; precise audited line items marked not obtained rather than invented
Funding
- Total raised approx $1.19 billion across ~6 rounds from 67 investors
- Latest: Series F, 29 April 2024, $216M led by Manipal Education & Medical Group (MEMG, ~Rs 800 cr); other participants Prosus (~Rs 221 cr), 360 One (~Rs 200 cr), Temasek (~Rs 183 cr), and CDPQ/WSSS/Goldman Sachs/Evolution Debt Capital (~Rs 400 cr cumulatively)
- This round came at ~$710M valuation — a ~90% drop from the 2021 peak of ~$5.6B. Source: Entrackr, YourStory, Tracxn
In the News
API Holdings takes 51% of Thyrocare via Docon merger
Dealroom · 2 months ago
API Holdings acquires 51% stake in Thyrocare via amalgamation scheme
scanx.trade · 2 months ago
API Holdings - 2026 Funding Rounds & List of Investors
Tracxn · 2 months ago
API Holdings Clears ₹1,050 Cr Debt, Unpledges Thyrocare Stake
BW Healthcare World · 2 months ago
API Holdings Turns Debt-Free — Repays ₹1,050 Crore, Frees Thyrocare Shares from Pledge
TheWire.in · 2 months ago
Headlines about API Holdings Limited reported by third-party publications. Recur Club does not author or endorse this coverage. Last checked 9/6/2026.
Source: Google News aggregated headlines
Charges & Loans
- Tofler reported "no registered charges identified." However, given large borrowings historically (incl. Goldman Sachs debt) this is likely incomplete/paywalled — treat as partial, not confirmed
- Detailed charge register (charge holders, amounts, dates) not obtained
Competitors
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