Response Plus Holding, the UAEs largest private onsite medical service provider, will invest $10 million (AED 36.5 million) in API Holdings Private Limited, which owns the popular e-pharmacy platform, PharmEasy.
The board of directors of Response Plus, which made its market debut in September in the second market of the Abu Dhabi Securities Exchange, is known to have approved of the deal, said sources privy to the matter.
Mumbai headquartered API Holdings Private Limited is one of India's leading emerging healthcare companies, distributing healthcare products to providers, retail outlets and end consumers.
This is the first investment in India of Response Plus Holding, which is working on a strategic plan to expand its operations to India. According to sources in the UAE, the board of directors of Response Plus Holding approved the investment proposal during its meeting last Thursday.
API Holdings is expected to be listed on the Indian market in the first quarter of 2022 and the Response Plus investment is touted to be a part of the pre-IPO funding round. Apart from PharmEasy, API Holdings owns the digital health platforms, Retailio and DocOn, and the pan-India diagnostics brand Thyrocare.
As part of its regional expansion plan in the Middle East and Africa, Response Plus Holding will be investing in the Sultanate of Oman and Ethiopia to provide emergency medical services and operate and manage medical services and patient transportation services.
The board of directors has also agreed to invest AED 10.5 million in the UAE and Saudi Arabia as part of the expansion programme.