US-based primary healthcare startup Iora Health, in which PremjiInvest had led a $126 million funding round in February last year, has entered into an agreement to be acquired by healthcare company One Medical.

The all-stock transaction will value Iora Health at $2.1 billion and will give shareholders of the startup a 26.75% stake in One Medical which is traded on the Nasdaq stock exchange, the two companies announced earlier this week.

ET wasn’t able to ascertain how much stake PremjiInvest will get in the publicly-listed One Medical. Rajesh Ramaiah, Partner at PremjiInvest, declined to comment on the specifics of the transaction.

Founded in 2010, Iora is a primary healthcare provider that’s focused on improved outcomes at lower costs for patients. The company was building technology solutions focused on serving Medicare (65+) populations.

With the acquisition, One Medical will expand its presence into primary care at every stage of life, the company said.

“Together we will expand our addressable market to serve more members in more geographies with digital and in-person care across every stage of life, with further capabilities to deliver care within full-risk models,” said Amir Dan Rubin, Chairman and CEO at One Medical.

Khosla Ventures, the venture capital firm founded by Indian-American billionaire Vinod Khosla, was also an investor in Iora Health.


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