CCI clears Ranjan Pai’s investment in PharmEasy

The Competition Commission of India (CCI) has cleared Manipal group chief Ranjan Pai’s investment in online pharmacy PharmEasy, according to the latest filing by the antitrust regulator. An additional investment from 360 One (formerly IIFL) in PharmEasy has also been cleared.

Pai’s investment in PharmEasy is part of the Rs 3,500-crore funding through a rights issue. He has emerged as one of the largest investors in the Mumbai-based firm, with his stake now estimated at more than 12%. ET had reported in October last year that Pai will be getting three board seats in PharmEasy parent API Holdings as part of this investment. Pai will join the board of API Holdings post the CCI clearance.