In a significant development, API Holdings, the owner of online pharmacy PharmEasy and the promoter of Thyrocare, is currently engaged in discussions for a substantial fundraise aimed at repaying debt. Exclusive details obtained by reveal that API Holdings had pledged Thyrocare shares as collateral for the debt.Sources suggest that Manipal Group has expressed interest in investing approximately Rs 1,000 crore for an 18 percent stake (post-money valuation) in API Holdings. As part of this potential investment, Manipal Group may also secure a board seat at API Holdings. Furthermore, existing investors of API Holdings are expected to contribute approximately Rs 1,500 crore in a funding round led by Manipal Group.Based on these developments, the valuation of API Holdings is estimated to be around Rs 6,000 crore for this funding round. It is important to note that API Holdings is under pressure to repay a debt of Rs 2,500 crore. Previously, the company had pledged the shares of its subsidiary Thyrocare to Goldman Sachs as collateral for this debt.Thyrocare promoter entity Docon Technologies owns 71 percent in Thyrocare and has pledged 100 percent shares to lenders.API Holdings did not revert on deal query, Manipal Group said “no comment” and Goldman Sachs’ spokesperson declined to comment.Top private equity players Temasek and TPG Capital also have an important role to play in stitching this deal, sources with direct knowledge share. Both the marquee funds are common investors in Manipal Group’s healthcare business and in API Holdings and are likely to infuse more funds in this round led by Manipal’s family office. Temasek and TPG did not offer any comment on deal query.The entry of Manipal Group as a strategic investor could bring both capital infusion and valuable expertise to API Holdings as it gets board seat at API Holdings, experts said. This investment is, however, from the family office of the group and is not related to Manipal Health which is owned by Temasek and has TPG as a large investor.Industry watchers say that this deal solves for many issues at PharmEasy but a substantial drop in valuation from $2.8 billion to around Rs 6,000 crore is a massive mark down and signals difficult times ahead for the digital commerce companies going forward.