COMPANY SNAPSHOT

API Holdings leads India’s digital healthcare revolution with a fully integrated model—pharmacy, diagnostics, telehealth, and supply chain. Supported by seasoned leadership and backed by leading PE investors, its scale is unmatched.

Founded: 31 March 2019; headquartered in Mumbai, Maharashtra

Position: India’s largest digital healthcare platform by Gross Merchandise Value (GMV)

Business Model & Brands

API Holdings operates an integrated, end-to-end model spanning:

• Online pharmacy (through PharmEasy)
• Diagnostics (via acquisition of Thyrocare)
• Teleconsultation & EMR tools (DocOn)
• Hospital supplies procurement
• Wholesale distribution (Retailio connects pharmacies & wholesalers)

Major Acquisitions & Partnerships

• Thyrocare: 66.1% stake acquired in June 2021, making diagnostics a core vertical.
• Aknamed: pharma supply chain player onboarded in 2021.
• Strategic PE backing: TPG Growth (8%) and CDPQ (~2%) among investors cleared by CCI.

Leadership & Governance

Founders & MD/CEO: Siddharth Shah, alongside co-founders Hardik Dedhia, Dhaval Shah, Dharmil Sheth & Harsh Parekh.

Board includes: Aditya Puri (former HDFC MD), Ashutosh Sharma, Deepak Vaidya, Vineeta Rai, and Ranjan Pai

INDUSTRY OUTLOOK

India’s digital healthcare sector is rapidly transforming the way healthcare is delivered—offering telemedicine, e-pharmacy, digital diagnostics, health records, and AI-driven tools. The ecosystem is being reshaped by increased smartphone/internet penetration, government initiatives like Ayushman Bharat Digital Mission (ABDM), and rising demand for affordable, accessible care.

Market Size & Growth

• Market Size (2024): ₹73,000 crore
• Projected Size (2030): ₹4.2 lakh crore
• CAGR (2025–2030): ~18%–20%

Segments driving growth:

• Telemedicine
• e-Pharmacy
• Digital diagnostics
• AI-enabled health tech
• mHealth (mobile health apps and wearables)

Key Trends

• Telemedicine normalization post-COVID, including in Tier II/III regions.
• Integration of health records via platforms like ABHA IDs.
• Rise in smart wearables
• Growth of D2C health platforms
• AI in diagnostics and hospital automation

Summary

India’s digital healthcare sector is poised for exponential growth, enabled by technology, policy, and public-private collaboration. The future lies in building a connected, inclusive, and secure digital health ecosystem that bridges urban-rural gaps while delivering cost-effective care at scale.

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