Eight Roads leads Series C for India's PharmEasy

Eight Roads' sister fund F-Prime Capital Ventures, formerly Fidelity Biosciences, also participated, according to a statement from Avendus Capital, which advised on the deal. Additional commitments came from The Fundamentum Partnership – a VC firm managed by Helion Venture Partners co-founder Sanjeev Aggarwal and Infosys co-founder Nandan Nilekani – and San Francisco-based hedge fund Think Investments.

Founded in 2015, PharmEasy operates an online platform that connects local pharmacies and diagnostics centers with patients, enabling direct delivery of drugs and screening for counterfeit products. The company will use the new capital for further improvements to its screening process, along with growing its customer base and upgrading its technology systems.

According to AVCJ Research, PharmEasy has received significant VC backing from investors including Bessemer Venture Partners, Aarin Capital, and Trifecta Capital.

Bessemer was the sole investor in the company's first recorded funding round in January 2016, and it was joined by Aarin, Trifecta, Orios Venture Partners, and Astarc Ventures for an $18 million Series A round the following year. Last year's $30 million Series B round was led by Bessemer, with participation by Orios, Trifecta, JM Financial, and Manipal Education and Medical Group.

Eight Roads, formerly known as Fidelity Growth Partners, is active across several markets in Asia. It pursues early stage and growth capital investments in the consumer, financial, and enterprise technology segments, along with education, healthcare, and biosciences. Its India investments include hyperlocal delivery start-up Shadowfax and tea store operator Chai Point.

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• Topics
• South Asia
• Consumer
• Technology
• Healthcare
• Expansion
• India
• Pharmaceuticals
• TMT
• Growth capital
• Eight Roads
• Fidelity