PharmEasy Parent API Holdings Claims Debt Repayment Complete

API Holdings, the parent company of online healthcare platform PharmEasy, has announced it has become debt-free. The company stated on Monday that it repaid ₹1,050 crore ($12.5 million USD) in outstanding debt, utilizing internal accruals and proceeds from the sale of a portion of its stake in diagnostic chain Thyrocare Technologies.

The debt repayment involved the sale of 1.58 million shares in Thyrocare, representing approximately 9.90% of the company's paid-up equity share capital. Following this transaction, API Holdings' promoter, Docon Technologies, continues to hold a 51.02% stake in Thyrocare. The company noted that the repayment led to the release of previously pledged Thyrocare shares.

This move is part of a broader debt refinancing effort that began last year. Alok Kumar Jagnani, Group CFO of API Holdings, stated that the company achieved debt freedom without significantly diluting its ownership in Thyrocare, highlighting its capital allocation strategy. "We have a stronger balance sheet without giving up our ownership," Jagnani said in a statement.

Thyrocare has reported strong financial performance, with its net profit for the first quarter of FY27 reaching ₹52.19 crore, a 34.1% increase year-on-year. Revenue grew by 24.3% to ₹240.02 crore, and the number of diagnostic tests processed increased by 28% during the quarter.