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PharmEasy Unicorn

API Holdings Limited ● Mumbai, Maharashtra ● Founded 2015 ● pharmeasy.in ↗
Dharmil Sheth · Co-founder (PharmEasy); stepped down from executive role in 2025 Dhaval Shah · Co-founder (PharmEasy); stepped down from executive role in 2025 Mikhil Innani · Co-founder (PharmEasy) Siddharth Shah · Co-founder (Ascent Health & Wellness, merged into API Holdings); former MD & CEO of API Holdings, now Vice Chairman Hardik Dedhia · Co-founder (Ascent Health & Wellness); stepped down from executive role in 2025 Harsh Parekh · Co-founder (Ascent Health & Wellness)
$1.33 BnTotal funding (tracked)
9Funding rounds
16 Sep 2025Last round
4,700Team size (sourced)

PharmEasy: Financial Breakdown

Figures below are FY26, consolidated basis, compiled from filings and disclosures — every year cited to its source.

Revenue ₹68,690 Mn (₹6,869 crore), up 14.3% YoY from ₹6,010 crore in FY25 — combined 'API group' revenue across PharmEasy (B2C), Ascent+Aknamed (B2B) and Thyrocare; Gross Margin ₹13,629 Mn (…Total revenue · +12.3% YoY
Opex ₹12,877 Mn (₹1,287.7 crore), down 4.5% YoY, plus a ₹127 Mn one-time exceptional cost tied to new Wage Code implementation (total expenses as a single consolidated line not disclosed)Total expenses
First-ever positive EBITDA (excl. ESOP & impairment costs): ₹625 Mn (₹62.5 crore), EBITDA margin 0.9% — a 127% turnaround from the ₹2,311 Mn (₹231.1 crore) loss in FY25, and a full reversal…EBITDA
Loss before tax excluding ESOP costs (PBT): ₹3,884 Mn (₹388.4 crore), narrowed 62.5% YoY from ₹10,345 Mn (₹1,034.5 crore) in FY25. No statutory net-profit-after-tax figure is disclosed. Figu…Net loss · loss narrowed 63.1% YoY

Revenue by fiscal year

0200400600800$MRevenue from operations ₹2,335 crore (FY21): $278M278FY21Revenue from operations ₹5,729 crore, up from ₹2,335 crore in FY21 (2.5x): $682M682FY22Revenue from operations ₹6,644 crore, up 16% YoY from ₹5,729 crore in FY22: $791M791FY23Revenue ₹57,480 Mn (₹5,748 crore) — combined 'API group' revenue across PharmEasy (B2C), Ascent+Aknamed (B2B) and Thyrocare; Gross Margin ₹985.1 crore, GM% 17.1%: $684.3M684FY24Revenue from operations ₹5,664 crore, down 14.8% YoY from ₹6,644 crore in FY23 (total revenue incl. other income: ₹5,758.7 crore): $674.3M674FY24Revenue ₹60,099 Mn (₹6,009.9 crore, ≈₹6,010 crore) — combined 'API group' revenue across PharmEasy (B2C), Ascent+Aknamed (B2B) and Thyrocare; Gross Margin ₹1,117.7 crore, GM% 18.6%: $723.2M723FY25Revenue from operations ₹5,872 crore (Entrackr: ₹5,872cr; Inc42: ₹5,872.1cr), up 3.6-3.7% YoY from ₹5,664 crore in FY24: $706.4M706FY25Revenue ₹68,690 Mn (₹6,869 crore), up 14.3% YoY from ₹6,010 crore in FY25 — combined 'API group' revenue across PharmEasy (B2C), Ascent+Aknamed (B2B) and Thyrocare; Gross Margin ₹13,629 Mn (…: $777.5M778FY26

Net profit / loss by fiscal year

-800-600-400-2000$MNet loss ₹641 crore (also cited as ₹645 crore in some coverage): $-76.3M-76FY21Net loss ₹3,992 crore including a ₹1,261 crore one-time goodwill impairment charge; excluding the impairment, operating net loss was ₹2,731.7 crore, up 4.3x from ₹641 crore in FY21: $-475.2M-475FY22Net loss ₹5,211.7 crore including a ₹2,922 crore non-cash exceptional impairment charge on goodwill/investments (comprehensive loss widened ~31% YoY); excluding the impairment, operating net…: $-620.4M-620FY23Loss before tax excluding ESOP costs (PBT): ₹22,999 Mn (₹2,299.9 crore). A statutory net-profit-after-tax figure is not disclosed in this presentation.: $-273.8M-274FY24Net loss ₹2,533.5 crore, down 51.4% YoY from ₹5,211.7 crore in FY23: $-301.6M-302FY24Loss before tax excluding ESOP costs (PBT): ₹10,345 Mn (₹1,034.5 crore). No statutory net-profit-after-tax figure is disclosed in this presentation.: $-124.5M-125FY25Net loss ₹1,572.3 crore per Entrackr (down ~38% YoY); Inc42 separately reported ₹1,516.8 crore (down 40% YoY from a restated ₹2,522 crore FY24 base): $-189.2M-189FY25Loss before tax excluding ESOP costs (PBT): ₹3,884 Mn (₹388.4 crore), narrowed 62.5% YoY from ₹10,345 Mn (₹1,034.5 crore) in FY25. No statutory net-profit-after-tax figure is disclosed. Figu…: $-44M-44FY26

Bars below the line are a net loss for that year.

Fiscal year Revenue Total expenses EBITDA Net profit / loss Source
FY26 Revenue ₹68,690 Mn (₹6,869 crore), up 14.3% YoY from ₹6,010 crore in FY25 — combined 'API group' revenue across PharmEasy (B2C), Ascent+Aknamed (B2B) and Thyrocare; Gross Margin ₹13,629 Mn (… Opex ₹12,877 Mn (₹1,287.7 crore), down 4.5% YoY, plus a ₹127 Mn one-time exceptional cost tied to new Wage Code implementation (total expenses as a single consolidated line not disclosed) First-ever positive EBITDA (excl. ESOP & impairment costs): ₹625 Mn (₹62.5 crore), EBITDA margin 0.9% — a 127% turnaround from the ₹2,311 Mn (₹231.1 crore) loss in FY25, and a full reversal… Loss before tax excluding ESOP costs (PBT): ₹3,884 Mn (₹388.4 crore), narrowed 62.5% YoY from ₹10,345 Mn (₹1,034.5 crore) in FY25. No statutory net-profit-after-tax figure is disclosed. Figu… source
FY25 Revenue from operations ₹5,872 crore (Entrackr: ₹5,872cr; Inc42: ₹5,872.1cr), up 3.6-3.7% YoY from ₹5,664 crore in FY24 Total expenses ₹7,208.5 crore, roughly flat YoY (both Entrackr and Inc42 report this identical figure) EBITDA loss ₹553.5 crore; EBITDA margin -15.71% Net loss ₹1,572.3 crore per Entrackr (down ~38% YoY); Inc42 separately reported ₹1,516.8 crore (down 40% YoY from a restated ₹2,522 crore FY24 base) source
FY25 Revenue ₹60,099 Mn (₹6,009.9 crore, ≈₹6,010 crore) — combined 'API group' revenue across PharmEasy (B2C), Ascent+Aknamed (B2B) and Thyrocare; Gross Margin ₹1,117.7 crore, GM% 18.6% — EBITDA (excl. ESOP & impairment costs) loss ₹2,311 Mn (₹231.1 crore); EBITDA margin -3.8% Loss before tax excluding ESOP costs (PBT): ₹10,345 Mn (₹1,034.5 crore). No statutory net-profit-after-tax figure is disclosed in this presentation. source
FY24 Revenue from operations ₹5,664 crore, down 14.8% YoY from ₹6,644 crore in FY23 (total revenue incl. other income: ₹5,758.7 crore) Total expenses ₹7,254.8 crore, down 19.2% YoY EBITDA loss ₹552 crore; EBITDA margin -9.59% Net loss ₹2,533.5 crore, down 51.4% YoY from ₹5,211.7 crore in FY23 source
FY24 Revenue ₹57,480 Mn (₹5,748 crore) — combined 'API group' revenue across PharmEasy (B2C), Ascent+Aknamed (B2B) and Thyrocare; Gross Margin ₹985.1 crore, GM% 17.1% — EBITDA (excl. ESOP & impairment costs) loss ₹5,152 Mn (₹515.2 crore); EBITDA margin -9.0% Loss before tax excluding ESOP costs (PBT): ₹22,999 Mn (₹2,299.9 crore). A statutory net-profit-after-tax figure is not disclosed in this presentation. source
FY23 Revenue from operations ₹6,644 crore, up 16% YoY from ₹5,729 crore in FY22 Total expenditure ₹8,974 crore EBITDA margin -20.38% (absolute EBITDA amount not disclosed in source) Net loss ₹5,211.7 crore including a ₹2,922 crore non-cash exceptional impairment charge on goodwill/investments (comprehensive loss widened ~31% YoY); excluding the impairment, operating net… source
FY22 Revenue from operations ₹5,729 crore, up from ₹2,335 crore in FY21 (2.5x) Total expenditure ₹8,491 crore, up 2.8x YoY EBITDA margin -39.66% (absolute EBITDA amount not disclosed in source) Net loss ₹3,992 crore including a ₹1,261 crore one-time goodwill impairment charge; excluding the impairment, operating net loss was ₹2,731.7 crore, up 4.3x from ₹641 crore in FY21 source
FY21 Revenue from operations ₹2,335 crore (FY21) Total expenditure ₹2,981 crore Not disclosed in source Net loss ₹641 crore (also cited as ₹645 crore in some coverage) source

Nothing here is blurred or gated — every figure Atlas has is shown in full, free.

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the "source" links beside each entry. Profile sources: inc42.com · Last verified 7 Sep 2026. · Report a correction