API Holdings, the parent company of PharmEasy, Docon, Thyrocare, and Retailio, has achieved a cumulative EBITDA of Rs 60 crore during the April to September period of 2023. This accomplishment comes as a significant milestone, as the company had set a goal in November 2022 to achieve profitability by April 2023.
In a recent LinkedIn post, Dharmil Sheth, Co-founder of API Holdings, expressed the company’s commitment to not just moving towards profitability but to be outright profitable. He attributed this achievement to the power of a common vision, teamwork, and relentless execution. The company’s unwavering determination to meet this goal has paid off, with six consecutive months of positive EBITDA in the fiscal year 2024.
To further strengthen its financial position, API Holdings launched a rights issue worth Rs 3,500 crore, which was oversubscribed. This successful fundraising effort is a significant step towards the company’s growth and financial stability, following earlier reports of its intention to repay a substantial portion of its debt to Goldman Sachs.
In a report by Mint, it was mentioned that Ranjan Pai, the Founder of Manipal Health Enterprises, has committed to investing Rs 1,200 crore in API Holdings. This demonstrates the support and belief in the company’s vision from its shareholders and investors.
Sheth also expressed his gratitude to all shareholders for their unwavering support and the dedicated API team for their exceptional contributions. He emphasized that amidst all the discussions about the company, API Holdings remains focused on doing what is right for the team, shareholders, and the company, emphasizing the importance of real people’s hard work and dedication in achieving these milestones.
Meanwhile, in a separate development, Axelia Solutions Pvt Ltd, which operates PharmEasy’s healthtech platform, reported revenue from operations of Rs 256 crore for the financial year ending in March 2023. While this represented a 21% decrease from the previous financial year, the company managed to narrow its losses to Rs 0.7 crore, compared to Rs 5.3 crore in FY22. This improvement in the company’s financial performance was achieved through a reduction in total expenses by 18%, totaling Rs 259 crore, as reported by the Ministry of Corporate Affairs (MCA).
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API Holdings’ successful journey towards profitability and the continued growth of its subsidiary, PharmEasy, are significant indicators of the company’s dedication to its mission and the support it has received from its investors and team members.
