The Competition Commission of India (CCI) has cleared Manipal group chief Ranjan Pai’s investment in online pharmacy PharmEasy, according to the latest filing by the antitrust regulator. An additional investment from 360 One (formerly IIFL) in PharmEasy has also been cleared.
Pai’s investment in PharmEasy is part of the Rs 3,500-crore funding through a rights issue. He has emerged as one of the largest investors in the Mumbai-based firm, with his stake now estimated at more than 12%.
PharmEasy has been reducing its monthly burn and growing in a sustainable manner. Pai is expected to give a strategic direction to the firm following his investment. It has lost market share to rivals like Tata Digital-owned 1mg. Flipkart Health Plus, Apollo and Reliance-owned Netmeds are the other players in the sector.
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