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Pharmeasy Unlisted Shares
BUY
₹ 4.80
SELL
₹ 5.10
Pharmeasy has been in great turmoil in the past few months. 4 out of its 5 promoters have resigned. It hasn’t been able to become profitable even though it is a well-established business. Also, their plans to list have been delayed a lot. These factors are the reason why there is not a lot of demand for this share and hence its price is not increasing.
As on May 30, 2026, we are buying shares of the API HOLDINGS LIMITED for ₹ 4.80 and selling them for ₹ 5.10 per share.
About Pharmeasy Unlisted Shares
Pharmeasy unlisted shares represent ownership in API Holdings, India’s largest digital healthcare platform. Founded in 2015, Pharmeasy revolutionized healthcare access by offering online medicine delivery, teleconsultations, diagnostic tests, and wellness products. With strategic acquisitions like Thyrocare (2021) and a presence in 18,587+ PIN codes, Pharmeasy connects consumers to pharmacies, labs, and doctors nationwide. Despite rapid growth, the company faces financial challenges, reflected in its unlisted shares valuation.
What is PharmEasy and Why Are Investors Still Watching It?
If you are looking to know about PharmEasy Unlisted Shares Price or have been reading a review about PharmEasy unlisted shares on the internet, you are at the right place. On this page, you will get a clear picture of PharmEasy Unlisted Shares in simple language. PharmEasy, which was originally known as API Holdings Limited, is India’s largest digital healthcare platform. In simple terms, PharmEasy is an app or a website where you can order medicines at home, get lab tests done, consult a doctor online, and even buy health and wellness products all in one place. PharmEasy was started back in 2015. During the Covid pandemic, when everyone wanted to get medicines at home instead of going to a pharmacy, PharmEasy’s growth was rapid. PharmEasy was valued at more than ₹60,000 Crore in terms of Unlisted Shares Price in 2021, when it was considered one of the most promising startup IPO candidates. But today, things are a little more complicated. You can also explore more such high-interest Unlisted Shares and can easily buy and sell unlisted shares in India.
PharmEasy API Holdings Share Price Today: What Drives It?
The PharmEasy API Holdings Share Price Today is determined through private market transactions since the company is not listed on any stock exchange. PharmEasy’s Unlisted Shares Price has declined significantly from a 2021 peak of ₹665 to a current price in single digits. What affects the PharmEasy Unlisted Shares Price today? Some of the key factors currently affecting PharmEasy’s Unlisted Shares Price are:
Progress on the proposed reverse merger with its listed subsidiary Thyrocare, the company’s ability to reduce debt, the company’s debt has reduced from ₹4,098 crore in FY24 to ₹2,033 crore in FY25, which is a good sign. Any new equity raised from PE investors, 360 One and Claypond Capital have already obtained CCI approval to invest in API. The overall investor sentiment on digital health startups that are currently losing money. Any news on the listing plans of the shares of PharmEasy on the NSE or the timeline for the proposed reverse merger with Thyrocare. For other high-risk, high-reward unlisted startup stories, also check OYO Unlisted Share Price, another well-known Indian startup that is currently on a journey to become profitable and list shares.
Business Segments
- Online Medicine Delivery:
- Prescription verification and doorstep delivery via partner pharmacies.
- 1–2% commission on sales.
- Diagnostic Services:
- Partnerships with labs (including Thyrocare) for test bookings.
- Healthcare Products:
- Sales of supplements, skincare, and ayurvedic items.
- Teleconsultations:
- Remote doctor consultations via proprietary tech platforms.
Financial Highlights (2021–2024)
- Revenue Decline: Revenue fell from ₹5,729 crore (2021) to ₹5,664 crore (2024), reflecting post-pandemic demand normalization.
- EBITDA Improvement: Losses narrowed by 72% from -₹2,345 crore (2021) to -₹646 crore (2024) due to cost rationalization.
- Asset Optimization: Fixed assets reduced by 28% (₹1,025 crore in 2021 to ₹734 crore in 2024), indicating leaner operations.
- Debt Surge: Borrowings doubled from ₹2,585 crore (2022) to ₹4,098 crore (2024), raising interest costs (₹728 crore in 2024).
- Net Loss Trends: PAT improved from -₹3,999 crore (2022) to -₹2,533 crore (2024), but NPM stayed negative (-44.72% in 2024).
- Inventory Management: Inventory reduced by 27% (₹761 crore in 2021 to ₹556 crore in 2024), enhancing working capital efficiency.
Pharmeasy Unlisted Shares Considerations
Pharmeasy unlisted shares appeal to investors betting on India’s digital healthcare boom. The company’s market leadership, Thyrocare synergy, and vast reach position it for long-term gains. However, risks include:
- Profitability Challenges: Persistent losses and negative OPM (-11.41% in 2024).
- Debt Servicing: Rising finance costs (₹728 crore in 2024) strain cash flows.
- Regulatory Risks: Compliance with healthcare and e-pharmacy regulations.
Key Valuation Drivers:
- Thyrocare Integration: Leveraging diagnostic revenues to offset medicine delivery losses.
- Funding Lifeline: Ability to secure additional capital for expansion.
- Margin Recovery: Achieving breakeven EBITDA through scale and cost controls.
Unlisted shares’ pricing hinges on private market sentiment, sector growth prospects, and Pharmeasy’s path to profitability.
PharmEasy Unlisted Shares Review: Honest Review
A balanced review of PharmEasy unlisted shares based on publicly available financial performance data.
What it has going for it:
The largest digital healthcare platform in India, with a presence in 18,587+ PIN codes, including rural India. Revenue has stabilised at around ₹5,600-5,800 crore in FY24 and FY25 after a sharp decline in FY23. EBITDA losses have reduced significantly – from a loss of ₹2,345 crore in FY21 to a loss of ₹842 crore in FY25. The company’s debt has reduced meaningfully in FY25 from ₹4,098 crore to ₹2,033 crore, which is a very positive sign. The Thyrocare deal has given the company a profitable diagnostic business as a platform. The entry of new PE investors, who have obtained CCI approval to invest in API, is a good sign.
What to keep an eye on:
The company is still losing money. PAT was at a loss of ₹1,572 crore in FY25. Four out of five original co-founders have resigned from active management roles. PharmEasy Share Price NSE Listing Status Has Not Yet Been Confirmed Despite Ongoing Plans for an IPO PharmEasy Unlisted Shares List of Risks Is Long and Worrying, from Regulatory Compliance to Cash Burn and Competition from Tata’s 1mg and Apollo Pharmacy.
PharmEasy Unlisted Shares Review
PharmEasy Share Price NSE: Is It Listed on the NSE PharmEasy’s share price NSE search results are what many investors are looking for. Unfortunately, PharmEasy’s share price and NSE listing status is disappointing. No, PharmEasy, or API as it’s now known, is not listed on either the NSE or BSE. The PharmEasy unlisted shares NSE search results are more a case of hoping against hoping. PharmEasy had filed a DRHP with SEBI in 2021 to raise ₹6,250 crores through an IPO. The company withdrew the DRHP in 2022 as market conditions deteriorated and the company’s losses increased. Today, PharmEasy is looking at a reverse merger with Thyrocare as an alternative listing route. If you are interested in seeing how exchange infrastructure firms are listed as unlisted shares compared to NSE Unlisted Share and MSEI Unlisted Share.
PharmEasy Share Price Target: Long-Term Perspective
For all investors seeking to get a better understanding of the PharmEasy share price target, it’s imperative to note that this is not a normal investment; rather, this is a turnaround play. The share price of PharmEasy will solely be dependent on three factors: the company’s EBITDA breakeven point, the reduction of debt to manageable proportions, and a concrete listing route via reverse merger with Thyrocare or a fresh IPO. If all these factors come into play, the PharmEasy API Holdings share price today has the potential to reroute significantly from its current position, considering its sheer size and dominance in the digital healthcare space. However, if losses continue and the listing gets delayed even further, there are risks involved as well. This is a high-risk, high-reward unlisted share that can only be bought by investors who are willing to take that potential into account. For a comparison with another well-known Indian startup in the unlisted share space, please check the OYO unlisted share price that’s also on a similar journey from losses to profitability and a potential listing in the future.
Disclaimer* This research has been conducted on available data. Investors are advised to perform their own research and due diligence before making any investment decisions. We are not responsible for any financial losses or inaccuracies in the data provided
Pros
- Market Leadership: Largest digital healthcare platform by GMV (RedSeer, 2021).
- Pan-India Reach: Services available in 18,587+ PIN codes, including rural areas.
- Strategic Acquisitions: Thyrocare acquisition (66% stake) strengthened diagnostic capabilities.
Cons
- Consistent Losses: Negative EBITDA (-₹646 crore in 2024) and PAT (-₹2,533 crore in 2024).
- High Debt Burden: Borrowings surged to ₹4,098 crore in 2024, straining liquidity.
- Reliance on Funding: Dependent on equity injections to offset cash burn.
Key Details
| Field | Value |
|---|---|
| Company Name | API Holdings Limited |
| CIN | U60100MH2019PLC323444 |
| ISIN | INE0DJ201029 |
| Status | Active |
| Company Type | Public Limited Company |
| Category | Company limited by shares |
| Paid Up Capital | 6,142,040,000.00 |
Financials
| P&L | 2024 | 2023 | 2023 | 2022 |
|---|---|---|---|---|
| Revenue | 1,059.23 | 1,423.25 | 6,699.77 | 5,781.00 |
| PAT | -2,157.06 | -5,285.28 | -5,211.73 | -3,992.50 |
| Net Profit | -2,157.06 | -5,285.28 | -5,196.22 | -3,971.43 |
| Ratio | 2024 | 2023 | 2023 | 2022 |
|---|---|---|---|---|
| ROE % | -95.53% | -321.46% | -249.07% | -59.61% |
| Net Worth | 2,257.92 | 1,644.15 | 2,092.47 | 6,697.29 |
| Cash Flow | 2024 | 2023 | 2023 | 2022 |
|---|---|---|---|---|
| Operating Cash Flow | -17.60 | -130.95 | -744.17 | -2,589.37 |
| Investing Cash Flow | -1,696.57 | -2,267.78 | -72.28 | -5,789.21 |
| Financing Cash Flow | 1,882.68 | 2,398.39 | 853.49 | 8,305.37 |
| Net Cash Generated | 168.50 | -0.34 | 37.03 | -73.21 |
| Cash At End | 222.74 | 54.24 | 193.90 | 156.88 |
| Item | 2024 | 2023 | 2023 | 2022 |
|---|---|---|---|---|
| Fixed Assets | 14.28 | 48.10 | 492.00 | 560.87 |
| Investments | 3,383.31 | 3,380.49 | 218.97 | 311.80 |
| Inventory | 45.96 | 69.73 | 688.16 | 761.24 |
| Other Assets | 2,825.85 | 1,995.40 | 5,927.27 | 8,879.79 |
| Total Assets | 6,310.18 | 5,543.50 | 8,406.60 | 11,320.32 |
| Item | 2024 | 2023 | 2023 | 2022 |
|---|---|---|---|---|
| Share Capital | 649.70 | 614.20 | 614.20 | 614.20 |
| Reserves | 1,608.23 | 1,029.94 | 1,478.27 | 6,083.08 |
| Borrowings | 3,326.38 | 3,113.24 | 4,147.92 | 2,681.36 |
| Trade Payables | 40.44 | 45.37 | 413.41 | 458.88 |
| Other Liabilities | 685.44 | 740.75 | 1,580.90 | 1,543.99 |
| Total Liabilities | 4,052.26 | 3,899.36 | 6,142.23 | 4,684.23 |
Promoters or Management
| Shareholder | Holding % |
|---|---|
| NASPERS VENTURES BV | 12.48 |
| MACRITCHIE INVESTMENTS PTE LTD | 11.24 |
| TPG GROWTH V SF MARKETS PTE. LTD. | 6.90 |
| EVERMED HOLDINGS PTE LTD | 6.08 |
| CDPQ PRIVATE EQUITY ASIA PTE. LTD. | 4.30 |
| LIGHTROCK GROWTH FUND I S A SICAV RAIF | 3.66 |
| BESSEMER INDIA CAPITAL HOLDINGS II LTD | 3.23 |
| DR VELUMANI A | 2.66 |
| 360 ONE SPECIAL OPPORTUNITIES FUND - SERIES 12 | 2.65 |
| TIMF HOLDINGS | 2.55 |
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