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
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
See what AICA knows about API Holdings
Deeper analysis, financial signals and peer comparisons.
Company Identity
Confirmed| Registered name | API Holdings Limited |
|---|---|
| CIN | U60100MH2019PLC323444 |
| PAN | AASCA1201E. Source: Tofler; corroborated by GST record (GSTIN embeds this PAN). |
| Status |
|
| Listing |
|
| Incorporated | 31 March 2019. Source: Tofler, TheCompanyCheck (both agree). |
| ROC |
|
| Sector (NIC) |
|
| Registered address |
|
| Authorized capital |
|
| Paid-up capital | CONFLICT: Tofler shows Rs 700.44 crore; treat as approximately Rs 700-740 crore. |
Business Overview
Confirmed- 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
Partial / conflicting| 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
Confirmed| 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
Partial / conflicting- 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
Confirmed- 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
ConfirmedAPI Holdings takes 51% of Thyrocare via Docon merger
Dealroom · 13 days ago
API Holdings acquires 51% stake in Thyrocare via amalgamation scheme
scanx.trade · 13 days ago
API Holdings - 2026 Funding Rounds & List of Investors
Tracxn · 17 days ago
API Holdings Clears ₹1,050 Cr Debt, Unpledges Thyrocare Stake
BW Healthcare World · a month ago
API Holdings Turns Debt-Free — Repays ₹1,050 Crore, Frees Thyrocare Shares from Pledge
TheWire.in · a month ago
Headlines about API Holdings Limited reported by third-party publications. Recur Club does not author or endorse this coverage. Last checked 11 days ago.
Source: Google News aggregated headlines
Charges & Loans
Partial / conflicting- 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
ConfirmedFrequently Asked Questions
What does API Holdings Limited do?
What is the CIN of API Holdings Limited?
Where is API Holdings Limited registered?
Explore on Recur Club
Bharat Ke Super Founders
Recur Club's show spotlighting the founders building India's next generation of companies. Watch their stories.
Looking for business funding?
Recur Club is India's largest AI-native debt platform - working capital, term loans and structured debt from 150+ lending partners, without diluting equity.