360 ONE, Claypond Capital Secure CCI Nod for API Holdings Investment

According to the regulator, under the proposed transaction, wealth management firm 360 ONE will acquire class B compulsorily convertible preference shares (CCPS B) of API Holdings from its existing shareholder, MEMG Family Office LLP (MEMG LLP).

The Competition Commission of India (CCI) has approved 360 ONE and Claypond Capital Partners' joint acquisition of stakes in API Holdings, a digital healthcare platform.

The financial details of the acquisition have not been disclosed yet.

This move signifies a strategic investment in a growing healthcare platform that operates various healthcare services through subsidiaries such as Aknamed, PharmEasy, Docon, Thyrocare, and Retailio.

According to the regulator, under the proposed transaction, wealth management firm 360 ONE will acquire class B compulsorily convertible preference shares (CCPS B) of API Holdings from its existing shareholder, MEMG Family Office LLP (MEMG LLP).

MEMG LLP and Claypond Capital, part of the Pai Family Group, specialize in consulting and advisory services.

CCI has also approved Claypond Capital Partners' proposal to acquire convertible preference shares of API Holdings from MEMG LLP.

API Holdings is one of the largest digital healthcare platforms in India. The company provides services across the healthcare value chain, working with consumers, pharmaceutical companies, wholesalers, pharmacies, hospitals, doctors, clinics, and diagnostic labs.

API Holdings owns and operates several well-known healthcare brands, including PharmEasy, Thyrocare, Docon, Retailio, and Aknamed.

It also operates in hospital supplies procurement, electronic medical records (EMR), management software for clinics and doctors, and India's largest online pharmacy marketplace.

Last year, 360 ONE Asset, one of India’s leading asset management firms, acquired a stake in OneSource Specialty Pharma, a prominent contract development and manufacturing organization (CDMO). The deal marked a key milestone in OneSource’s growth. 

Recently, Claypond Capital appointed Dr Shravan Subramanyam to head its medical technology platform. Dr Subramanyam aims to drive strategy and execution for Claypond Capital’s medtech platform, focusing on innovation: Integrating various technologies, particularly digital solutions, to enhance medical innovation.

The Bengaluru-based investment firm aims to make healthcare more accessible and affordable, especially in the post-COVID world.

Stay tuned for more such updates on Digital Health News.