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.
CIN: U60100MH2019PLC323444Active — Unlisted Public Company (limited by shares). Source: Tofler, TheCompanyCheck.RoC-Mumbai (Maharashtra). Source: TheCompanyCheck, Tofler.Confidence: high
AI OverviewGenerated from public records
AI-generated summary from public filings and may contain errors. Verify against the detailed sections below.
Company Identity
Confirmed| Registered name | API Holdings Limited |
|---|---|
| CIN | U60100MH2019PLC323444 |
| PAN | AASCA1201E. Source: Tofler; corroborated by GST record (GSTIN embeds this PAN). |
| Status | Active — Unlisted Public Company (limited by shares). Source: Tofler, TheCompanyCheck. |
| Listing | Unlisted (public limited but not listed on any stock exchange). Shares trade in the unlisted/pre-IPO grey market. Subsidiary Thyrocare Technologies Ltd is separately listed on NSE/BSE. Source: Tofler, multiple unlisted-share platforms. |
| Incorporated | 31 March 2019. Source: Tofler, TheCompanyCheck (both agree). |
| ROC | RoC-Mumbai (Maharashtra). Source: TheCompanyCheck, Tofler. |
| Sector (NIC) | Classified under "Transport and Storage" (services incidental to land/water/air transportation, wholesale trading) per RoC NIC classification on Tofler — a legacy/holding-company classification. Actual business is digital healthcare/e-pharmacy aggregation. Exact NIC code not obtained. |
| Registered address | CONFLICT across sources: (a) Tofler: "1st Floor, E-Shape Building, Ashok Silk Mills Compound, 202, L.B.S Marg, Ghatkopar (West), Mumbai, Maharashtra 400086" (likely current). (b) TheCompanyCheck: "D-37/1 TTC MIDC Industrial Area, Turbhe, Navi Mumbai, Thane, Maharashtra 400703". Both are Maharashtra addresses; reported as-is. |
| Authorized capital | Rs 3,500 crore. Source: Tofler and TheCompanyCheck (agree). Note: Rs 3,500 cr rights issue was reported oversubscribed (Oct 2023, Business Standard). |
| Paid-up capital | CONFLICT: Tofler shows Rs 700.44 crore; TheCompanyCheck shows Rs 738.47 crore. Difference likely due to reporting-date differences (fresh allotments). Reported as-is; 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 (via subsidiary Thyrocare Technologies, ~71% owned)
- EMR & clinic practice-management software
- teleconsultation
- Business model has historically been loss-making with operating expenses exceeding revenue
- Source: multiple (chryseum, swadeshiera, Tofler)
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 (holding co, per Tofler for FYE Mar-2025): operating revenue range "Over Rs 500 cr" (Tofler band Rs 750-1000 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 (Tracxn — round data)
- 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
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
Confirmed- Tata 1mg (Tata Digital — large)
- Netmeds (Reliance/JioMart — large)
- Apollo 24/7 / Apollo Pharmacy (Apollo Hospitals — large)
- MediBuddy (mid)
- Practo (mid, teleconsult)
- In diagnostics (via Thyrocare): Dr Lal PathLabs and Metropolis Healthcare (both large, listed)
- Scale tags approximate
Frequently Asked Questions
What does API Holdings Limited do?
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.
What is the CIN of API Holdings Limited?
The Corporate Identification Number (CIN) of API Holdings Limited is U60100MH2019PLC323444.
Where is API Holdings Limited registered?
API Holdings Limited is registered with RoC-Mumbai (Maharashtra). Source: TheCompanyCheck, Tofler.. Registered address: CONFLICT across sources: (a) Tofler: "1st Floor, E-Shape Building, Ashok Silk Mills Compound, 202, L.B.S Marg, Ghatkopar (West), Mumbai, Maharashtra 400086" (likely current). (b) TheCompanyCheck: "D-37/1 TTC MIDC Industrial Area, Turbhe, Navi Mumbai, Thane, Maharashtra 400703". Both are Maharashtra addresses; reported as-is..
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