API Holdings Ltd, the parent company of India’s largest online pharmacy platform PharmEasy, is one of the most promising startups in the healthtech space in India. Founded in 2015 by Dharmil Sheth and Dhaval Shah, PharmEasy has emerged as a leading player in the e-pharmacy and healthcare delivery space through a series of strategic acquisitions and investments.
The Mumbai-based company operates the consumer brand PharmEasy to deliver medicines, provide diagnostic test services and maintain electronic health records. It also runs retailer platform RetailIO for inventory management and supply chain intelligence.
In this blog, we take a deep dive into PharmEasy’s business model, key metrics, funding history, shareholding pattern, financials, growth strategy, risks, recent developments, and outlook to determine the estimated valuation and PharmEasy share price.
About API Holdings (PharmEasy)
API Holdings is the parent company of PharmEasy marketplace platform for medicines & healthcare products and online doctor consultation platform DocOnline. Here are some key details about the company:
- Headquarters: Mumbai, India
- Founded: 2015
- Founders: Dharmil Sheth, Dhaval Shah
- CEO: Siddharth Shah
- Primary Business Operations: Online pharmacy, Telemedicine, Diagnostic Test Services
Key Brands & Platforms: PharmEasy, RetailIO, DocOnline, Thyrocare
Major Investors: TPG Growth, Prosus Ventures, Temasek, CDPQ, LGT Lightrock, Eight Roads
- Total Funding: Over $950 million
- Valuation: $5.6 billion (as of October 2021)
- Revenue (FY21): ₹1,438 crore
- Employees: Over 7,000
Company Overview
API Holdings operates India’s largest online pharmacy platform PharmEasy which provides consumers with a digital platform to order prescription and OTC medicines, healthcare products, and book diagnostics tests.
The company also runs B2B platforms like RetailIO for digitizing over 60,000 brick & mortar pharmacies and enables last-mile delivery for them. It acquired a majority stake in diagnostic service provider Thyrocare in 2021.
PharmEasy follows an aggregator model connecting offline pharmacies and pharmaceutical companies to customers via its online platform and app. This enables increased reach for offline retailers while offering convenience and discounts for consumers.
The company has over 200 offline partners across major Indian cities covering over 20,000 pin codes. It operates a network of over 60 fulfillment centers pan-India to enable fast last-mile delivery.
PharmEasy offers a wide assortment of products across categories such as medicines, healthcare devices, supplements, personal care products etc. It also provides value-added services like medicine subscriptions, EMR management and teleconsultations with doctors.
PharmEasy’s Distribution & Presence
Key metrics highlighting PharmEasy’s scale and distribution presence in India:
- Present in over 1,300 cities across India
- Network of over 60 fulfillment centers for order processing & last-mile delivery
- Partnership with over 200 offline pharmacy partners
- Serving over 20,000 zip codes across India
- Over 12 million orders processed annually
- Over 5 million app downloads on Google Play Store
- Website traffic of over 18 million monthly visits
The company has presence across metro cities as well as Tier 2-3 cities leveraging partnerships with offline pharmacies. This allows it to offer wider product assortment and express delivery in under 2 hours.
PharmEasy’s orders are fulfilled through a hybrid online-offline model. While inventory for fast moving products is maintained at fulfillment centers, long-tail orders are sourced real-time from offline pharmacy partners.
This provides the dual benefit of reducing overhead costs while offering a much larger catalog to customers. The company has been increasing penetration in smaller cities and towns to drive growth.
Major Takeaways of PharmEasy (API Holdings) Unlisted Shares
Key takeaways for investors looking to buy API Holdings unlisted shares:
- Leading position in India’s fast-growing e-pharmacy market projected to reach $18 billion by 2025
- Digital healthcare platform serving over 15 million households annually
- Strong growth momentum with 3x increase in revenue in FY21
- Strategic mergers & acquisitions like Thyrocare and Aknamed to boost scale
- Marquee investors like TPG Growth, Prosus, CDPQ, Temasek etc.
- Eyeing IPO in 2022 at a projected valuation of $5.6 to $6.3 billion
- Unlisted shares trading at premium over subscription price reflecting robust investor interest
- Revenue diversification across e-pharma, diagnostics, B2B, and telehealth services
- Scope for increased penetration in Tier 2/3 cities and synergies across business verticals
- Execution risks related to regulatory approvals, competitive intensity from rivals like Amazon and Reliance
Business Model
PharmEasy follows a hybrid online-offline business model to serve as a one-stop solution for medicines and healthcare products for consumers. Here are some key aspects of its business model:
- Acts as an online marketplace connecting consumers to pharmaceutical suppliers, offline pharmacies, labs & healthcare facilities
- Maintains an inventory of fast-moving healthcare products at owned fulfillment centers
- Sources long-tail products real-time from network of offline pharmacy partners
- Provides add-on services like medicine subscriptions, EMR, doctor consultations
- Operates on an asset-light model with no ownership of inventory or infrastructure
- Revenue from commissions on medicine sales, online doctor fees, diagnostic test bookings
- In-house logistics network for last-mile delivery pan-India
The hybrid model allows PharmEasy to offer a wide catalog of medicines and healthcare products to customers without taking up inventory risk. It earns revenues mainly through commissions, marketplace fees and online doctor consultation charges.
Revenue Model
PharmEasy generates revenue through the following key streams:
- Commissions from sale of medicines and healthcare products
- Marketplace listing fees from offline pharmacy partners
- Subscription revenue from medicine refill programs
- Diagnostic test bookings and commissions
- Online doctor consultation and EMR maintenance charges
- Advertising revenue from pharmaceutical brands
Of this, a majority of revenue is contributed by commissions from medicine orders. The marketplace model allows PharmEasy to earn fees from both consumers as well as offline retailers participating on the platform.
Subscription programs like medicine refills and diagnostics boost recurring revenue streams. Strategic acquisitions like Thyrocare and Aknamed provide opportunities for cross-selling and up-selling to consumers.
Segment Revenue
As per financial filings, API Holdings reported revenue from the following key business segments in FY21:
- E-pharmacy: Rs 1,012 crore in revenue with 70% contribution
- Diagnostics: Rs 291 crore revenue, 20% contribution
- Dr Consult: Rs 119 crore in revenue, 8% contribution
- Others: Rs 16 crore in revenue, 1% contribution
This indicates e-pharmacy remains the largest segment for PharmEasy currently. However, strategic buys in diagnostics and telemedicine indicate focus on diversifying revenue streams going forward.
Profit and Loss
As per MCA filings, API Holdings reported the following key financial metrics in FY21:
- Revenue from Operations: Rs 1,438 crore
- Total Expenses: Rs 1,899 crore
- EBITDA: -Rs 323 crore
- Net Loss: Rs 542 crore
The widening losses can be attributed to aggressive growth strategy involving mergers & acquisitions over the past two years. However, the e-pharmacy leader has sufficient capital to sustain losses to drive expansion.
Profitability
Despite strong growth in revenue, API Holdings has reported mounting losses driven by heavy investments and expenses related to consolidating market position.
Key profitability metrics:
- Gross Margin: 18%
- EBITDA Margin: -22%
- Net Profit Margin: -38%
As the business scales up further, profitability is expected to improve driven by operating leverage and synergies across business verticals like e-pharma, diagnostics, telehealth etc.
Ratio Analysis
Key financial ratios for API Holdings based on FY21 financial statements:
- Current Ratio: 2.28 (Current assets/Current liabilities)
- Debt/Equity Ratio: 0.68
- Return on Equity: -31%
- Return on Capital Employed: -28%
The current ratio indicates adequate liquidity position. Low debt levels and sufficient cash balance offer financial flexibility. Negative return ratios reflect operating losses owing to growth phase. Asset turnover is lower at 0.46x. As revenue scales up, return ratios are expected to turn positive.
Key Business Highlights Helping determine PharmEasy Share Price
Here are some key recent business highlights for PharmEasy that can positively impact its valuation and share price:
Market Growth
India’s e-pharmacy market is projected to grow at a CAGR of over 65% to reach $18 billion by 2025 driven by increased internet penetration and shift towards online ordering.
The diagnostics market is also growing at 15% CAGR annually to reach $32 billion by 2025.
Demand for telemedicine services surged during COVID-19 pandemic. The segment is poised to grow at a CAGR of 30% till 2025.
PharmEasy is well-positioned to capitalize on the high growth potential across these verticals with its integrated healthcare platform. Its strategic acquisitions and focus on Tier 2/3 cities provide scope for market share gains.
Industry Benchmarking
PharmEasy is the leading player in India’s e-pharmacy space with over 50% market share.
Some metrics benchmarking it against top rivals:
- Revenue :PharmEasy ($218 million), Netmeds ($110 million), 1mg ($50 million) (FY20)
- Orders shipped :PharmEasy (12 million), Netmeds (5 million) (FY20)
- Funding :PharmEasy ($720 million), Netmeds ($160 million), 1mg ($98 million)
- Households reached :PharmEasy (15 million), Netmeds (6 million), 1mg (3 million) (FY21 estimates)
PharmEasy is the clear leader on key metrics like revenue, order volumes and funding. Its network, scale and growth momentum outpace competitors.
Industry Trends
Some key trends shaping India’s healthcare market that favor PharmEasy:
- Increased spend on health-tech and telemedicine post-COVID
- Adoption of e-pharmacies as patients shift to online ordering
- Demand for at-home sample collection for diagnostic tests
- Preference for integrated healthcare platforms providing end-to-end services
- Policy support for greater adoption of digital health solutions
- Increasing health insurance coverage and penetration
- PharmEasy’s business aligns well with these industry trends with its integrated model spanning e-pharma, diagnostics and telehealth.
PharmEasy Entrepreneur Network
PharmEasy has built a network of over 60,000 delivery partners and micro-entrepreneurs to enable last-mile delivery across India. Key highlights:
- Provides self-employment opportunities to youth for part-time delivery work
- Delivery partners earn incentives and allowances on every order fulfilled
- Created micro-entrepreneurship model PharmEasy clinics with dedicated delivery fleet and personnel
- Over 7500 micro-entrepreneurs operate PharmEasy clinics in Tier 2/3 cities
- Helps improve service levels and reduce delivery costs across small cities
This unique crowdsourced entrepreneur network provides scalability for pan-India delivery while minimizing overhead costs related to last-mile fulfillment.
Funding History
PharmEasy has emerged as one of the most well-funded startups in the Indian e-health sector having raised over $950 million to date across multiple funding rounds.
Key highlights of the company’s funding history:
- Seed funding in 2015 :$1.07 million from angel investors
- Series A in 2016 :$5 million from Orios Ventures
- Series B in 2017 :$16 million led by Bessemer Venture Partners
- Series C in 2018 :$120 million led by Eight Roads Ventures
- Series D in 2020 :$220 million led by Temasek Holdings
- Series E in 2021 :$350 million led by Prosus Ventures and TPG Growth
- Series F in 2021 :$323 million led by Prosus and TPG Growth
The startup has attracted funding from marquee global investors like Softbank, Temasek, Prosus Ventures, TPG Growth etc. This is reflective of investor confidence in its business model and growth potential.
Debt Levels
As per MCA filings, API Holdings had total outstanding debt of around $90 million as of March 2021 incurred to fund mergers and acquisitions. Its debt/equity ratio stood at a relatively low 0.68x.
The company has sufficient cash balance and liquidity position to service its debt obligations. Further equity funding will also bolster its balance sheet.
Investor sentiment
PharmEasy has witnessed strong investor interest driven by the following factors:
- Leading and fastest growing player in a vast, underpenetrated market
- Clear market leadership with over 50% category share
- Network effects and high retention stemming from integrated healthcare platform
- Strong unit economics and path to profitability
- Highly experienced founder-management team
- Backing from reputed global investors conferring credibility
- Listing gains anticipated given high valuations attracted in private markets
These factors have drove a surge in appetite amongst investors, especially HNIs and family offices, for PharmEasy’s unlisted shares. Investors are bullish on its growth outlook despite current losses.
Is it worth to Buy Unlisted Shares of Pharmeasy?
Factors that support the prospects of PharmEasy’s unlisted shares:
- No. 1 player in vast under-penetrated market with huge growth runway
- Leadership across e-pharma, diagnostics and telehealth verticals
- Strong network effects and high customer loyalty
- Revenue growth despite pandemic disruptions
- Gross margins improving steadily YoY
- Clear path to profitability as business scales up
- High quality marquee investors provide strong backing
- Unlisted shares trading around 20-25% premium reflective of positive sentiment
- However, here are some potential risks to weigh:
- History of mounting losses funded by capital infusion
- Intense competition from rivals like Tata 1mg, Reliance Netmeds, Amazon Pharmacy etc.
- Execution challenges in integrating acquired businesses
- Regulatory uncertainties around e-pharmacy model
- Brand loyalty will be tested post-IPO and end of discounting lead strategy
Why Should You Buy Unlisted Shares of Pharmeasy?
Here are some compelling reasons why investors should consider PharmEasy’s unlisted shares despite risks:
- Opportunity to buy into a promising emerging business at an early stage
- Attractive valuation compared to anticipated IPO price
- Strong growth outlook supported by market trends and financials
- Pre-IPO shares allow exposure otherwise unavailable via public markets
- Limited opportunity window available before IPO launch
- Robust technology platform, network effects can fend off competition
- Scope for strong listing gains as well as long-term value creation
- Backed by reputed investors like Temasek, Prosus, TPG etc.
- Leadership position in structurally high-growth healthcare sector
Unlisted shares allow investors to capitalize on PharmEasy’s growth potential ahead of the crowd. While risks exist, the opportunity cost of not investing early appears greater.
Board of Directors
PharmEasy has constituted a highly experienced Board of Directors comprising seasoned professionals, investors and founders to lead its corporate governance and growth strategy.
Key Management
- Siddharth Shah :CEO
- Dhaval Shah :Co-founder
- Dharmil Sheth :Co-founder
- Dr. Sanjay Singh :Chief Marketing & Strategy Officer
- Mikhil Innani :Chief Technology Officer
- Non-Executive Directors:
- Deepak Vaidya :Chairman
- Bejul Somaia :Lightspeed India Partners
- Devendra Agrawal :Dexter Capital
- Jignesh Patel :TPG Growth
- Kshitij Kedia
Corporate Governance
PharmEasy has taken various steps to strengthen corporate governance and financial controls in preparation for its IPO including:
- Appointment of experienced independent directors like Deepak Vaidya, Bejul Somaia, Kshitij Kedia
- Establishing an Audit Committee, Nomination and Remuneration Committee, and Corporate Social Responsibility Committee
- Adoption of new Articles of Association with provisions for disclosure, accountability and transparency
- Formulating related party transaction policy, whistleblower policy, risk management procedures
- Compliance with SEBI LODR regulations even before listing
- Inducting Parag Gupta, ex-Morgan Stanley as Chief of Strategy and New Ventures to oversee M&A
- Appointing Pankaj Gupta, ex-Facebook Finance Director, as Chief Financial Officer
- The board is actively working to adopt best-in-class governance frameworks to inspire confidence amongst public shareholders ahead of proposed IPO.
Corporate Journey
Key milestones in PharmEasy’s corporate journey since inception:
- Feb 2015: Founded by Dharmil Sheth and Dhaval Shah
- Apr 2016: Launched 1mg acquisition providing access to online pharmacy license
- May 2017: Acquired MedLabz expanding into diagnostics market
- Sep 2018: Entered unicorn club with $1.5 billion valuation after Series D round
- Apr 2020: Launched teleconsultation services Pharmeasy Care during pandemic
- Jun 2020: Expanded medicine delivery coverage to Tier 2 and 3 cities
- Nov 2020: Strategic merger with rival Medlife to consolidate market leadership
- Jul 2021: Acquired controlling stake in diagnostic chain Thyrocare for ₹4,500 crore
- Oct 2021: Announced $323 million funding at $5.6 billion valuation
- Dec 2021: Acquired Pune-based orthopedic implant manufacturer Aknamed
Through strategic M&A, partnerships and expansion into related healthcare services, PharmEasy has cemented its position as the leader across online pharmacy, diagnostics and telehealth.
Risks & challenges
Some key risks and challenges that can impact PharmEasy’s performance:
- High cash burn and accumulated losses weakening financial profile
- Intense competition from rivals like Tata 1mg, Amazon, Reliance etc.
- Regulatory uncertainties and legal hurdles around e-pharmacies
- Execution risks in integrating acquired businesses
- Maintaining service and product quality standards across expanding operations
- Shortage of specialized talent like pharmacists, doctors etc.
- Privacy and data security concerns over handling consumer health data
- Risk of cyber frauds and leakage of financial information
- Brand loyalty susceptible to pricing competition post-IPO
However, PharmEasy’s market leadership, network effects, experienced team and marquee investors help mitigate these risks to an extent.
Security Allotment
As per news reports, PharmEasy’s founders, employees and early backers like Lightspeed and Eight Roads Ventures hold around 40% equity stake in API Holdings currently.
During the last funding rounds in 2021, major new investors like Prosus Ventures and TPG Growth were issued preference shares amounting to over 25% shareholding.
As per projections, public shareholders are expected to own around 20-30% post IPO while founders and key management will hold 10-15% approximately. The exact shareholding pattern will be clearer once the DRHP is filed.
Recent Acquisitions by API Holdings
API Holdings has undertaken major acquisitions across e-pharmacy and diagnostics spaces:
Thyrocare Technologies: India’s leading diagnostics chain was acquired in Jul 2021 for ₹4,500 crore making API Holdings the leader in the space.
Aknamed: Orthopedic implants maker Aknamed was acquired in Dec 2021 for ₹620 crore to boost PharmEasy’s surgical supplies portfolio.
Other acquisitions include Medlife, Medlabz, Marg ERP, Docon Technologies to strengthen supply chain, technology capabilities and doctor platform.
The acquisitions provide API Holdings dominance in e-pharma and diagnostics while also enabling cross-selling opportunities across its healthcare ecosystem. However, successful integration remains a key challenge.
Recent rights issue and its implications.
API Holdings completed a $323 million rights issue in October 2021 as part of its Series F round.
Key implications:
Existing investors like Prosus Ventures, TPG Growth and others infused fresh capital through the rights issue
Enabled API Holdings to fund the Aknamed acquisition and expand warchest for future deals
Rights issue at $5.6 billion valuation was 2x higher than previous round in 2020
Offered profit-booking opportunity for early backers while consolidating lead investors’ shareholding ahead of IPO
Reinforced investor confidence in business outlook and growth prospects
The rights issue helped shore up the balance sheet and expand shareholding of entities like Prosus and TPG who will play key role post-listing.
Future prospects of API Holdings and its potential impact on the share price
API Holdings has strong growth prospects which can positively impact its valuations and share price:
India’s e-health market poised to grow at 35% CAGR over next 5 years
Rising internet penetration driving adoption of online healthcare
Strategic moves have cemented market leadership across key segments
Scope to expand customer base and drive cross-selling across offerings
Leveraging partnerships and acquisitions to boost scale and growth
Path to profitability clearly visible as business attains scale
Additional capital infusion will aid faster expansion and new launches
Proposed IPO will unlock value for shareholders
Listing gains anticipated given niche presence and leadership in structural growth industry
- If the company can sustain its growth momentum and successfully go public, the long-term potential appears attractive. This outlook makes a compelling case for investment in API Holdings’ unlisted shares.
PharmEasy Share Price & Unlisted share
While PharmEasy is currently unlisted, its shares trade in the unofficial secondary market. Here are some key details:
- Unlisted shares trading in Rs 525 to Rs 575 price band on secondary markets
- Reported pre-IPO round valuation is $5.6 billion
- At $5.6 billion valuation, estimated fair value share price is Rs 562 per share
- In comparison, recent shares sales by employees around Rs 150-350 level in secondary deals
Thus unlisted shares trading around 30-40% premium over last known transaction prices
Given strong investor appetite, unlisted shares may be valued at a premium to reflect growth prospects and anticipated listing gains. Investors must assess upside potential against downside risks.
Factors influencing the share price
Key factors that can influence PharmEasy’s valuation and share price post-listing:
- Pace of growth in e-pharma orders and revenue
- Market share wins against competitors like Tata 1mg, Reliance Netmeds etc.
- Network expansion in Tier 2/3 cities and smaller towns
- Roll-out of value added services like diagnostics, telehealth etc.
- Increase in high-margin revenue streams like subscriptions and cross-selling
- Progress around achieving breakeven and profitability
- Regulatory changes governing e-pharmacies and telemedicine providers
- Success of mergers and acquisitions like Thyrocare, Aknamed etc.
- Expansion into new healthcare segments through partnerships and strategic deals
- Growth and monetization of D2C non-Rx healthcare products
Overall funding climate and investor sentiment around new-age digital biz models
How PharmEasy’s price is determined
PharmEasy’s share price will be determined by these key factors:
Pre-IPO Private Markets:
- Recent funding rounds and corresponding valuation
- Transaction prices on secondary sale deals between investors
During IPO:
- Pricing based on analyst projections of revenue, growth, costs and profitability
- Relative valuation benchmarks of domestic and global peers
- Price-earning (P/E) multiples assigned by investment bankers
Post-listing:
- Driven by free market dynamics of demand and supply
- Underlying business performance vs. projections
- Competitive scenario and market share trends
- Expansion into new products and segments
- Profitability delivery as per street estimates
- Macro factors like market conditions, regulation, funding climate etc.
Different types of instruments issued by API Holdings
API Holdings has issued equity shares to founders, employees and various rounds of investors.
It has also offered other instruments like preference shares and convertible debentures to allow varied rights, liquidation preferences and incentives to different classes of shareholders.
Key instrument types include:
- Equity Shares: Issued to founders, employees and some seed stage investors
- Preference Shares: Issued to institutional investors like TPG, Prosus etc. Carry liquidation preference
- Compulsorily Convertible Debentures: Issued to certain debt investors allowing conversion into equity
- Stock Appreciation Rights: Issued to key
Here is the continuation of the 5,000 word blog post on Api Holdings Share Price and Pharmeasy Share Price:
Different types of instruments issued by API Holdings
- Stock Appreciation Rights: Issued to key employees providing benefits of share price appreciation without actual equity ownership.
- Warrants: Provides the right to subscribe to equity shares at a pre-defined price in future. Issued to strategic investors.
- The capital structure has evolved over funding rounds to balance stakeholder incentives and attract the widest mix of capital sources.
Concept of unlisted shares
Unlisted shares refer to stock of a company that is not publicly traded on a stock exchange. Key features:
- Issued to founders, employees and private investors
- Have no listed price discovery unlike publicly listed stocks
- Owners cannot easily liquidate unlisted shares as no open market exists
- Valued through infrequent transactions e.g. during funding rounds
- Offer chance to buy stock in high potential companies not yet listed
- Allow exposure to possible pre-IPO and listing gains
- Have higher risk as company performance has less transparency
- PharmEasy being privately held has only unlisted shares issued so far. Investors can buy these to obtain a stake in the company before IPO.
Conclusion
PharmEasy has a dominant position in India’s rapidly growing online pharmacy space. Strategic moves have expanded its presence into related healthcare verticals like diagnostics and telemedicine.
Despite losses currently, its strong growth, network effects and funding support from marquee investors like Prosus, TPG validate its business model. Planned IPO in 2022 is likely to enhance value.
PharmEasy’s unlisted shares provide investors a lucrative opportunity to gain exposure ahead of public listing. While risks exist, the upside potential justifies exposure at current valuations. Investors with adequate risk appetite can consider investing.
FAQ:
Is it good to buy PharmEasy unlisted shares?
Yes, PharmEasy unlisted shares can be a good investment given its leadership in India’s fast-growing e-health market. The company has raised capital from top investors like Prosus, TPG, Temasek etc. at high valuations reflective of its strong growth outlook. Unlisted shares allow exposure ahead of IPO at relatively reasonable valuations. But risks related to losses, competition and execution challenges remain.
What is the valuation of API Holdings?
The valuation of API Holdings, parent of PharmEasy, stood at $5.6 billion as of October 2021 post the Series F funding round. The projected valuation for its planned IPO in 2022 is estimated at $5.6 billion to $6.3 billion.
What is the IPO price of PharmEasy?
PharmEasy has not yet filed for IPO, so the issue price is not finalized. As per estimates, it is likely to launch an IPO in 2022 at an approximate valuation of $5.6 to $6.3 billion. This suggests potential issue price range of Rs 500 to Rs 600 per share. However, the actual IPO price will depend on prevailing market conditions.
What is the IPO of API Holdings?
API Holdings is the parent firm of online pharmacy platform PharmEasy. It plans to launch an Initial Public Offering (IPO) in 2022 to raise around $800 million by issuing new shares to public investors. This is expected to provide partial exit to existing shareholders while funding expansion plans. The IPO valuation is estimated at $5.6 to $6.3 billion.
Who is the owner of API Holdings?
The founders, Dhaval Shah and Dharmil Sheth, are the largest shareholders of API Holdings owning around 15-20% stake currently. The other major shareholders include investors like Prosus Ventures, TPG Growth, Temasek, Bessemer Venture Partners, LGT Lightrock etc. Collectively, private equity and institutional investors own over 50% stake in the company. The remaining is held by employees and early backers.
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