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PharmEasy’s $5.6 billion value shrinks to $456 million, investor data shows
Indian online pharmacy PharmEasy has seen its valuation plummet by a staggering 92%, according to disclosures from one of its investors, Janus Henderson.
The financial services firm values its holding of 12.9 million shares in PharmEasy at a paltry $766,043, as per its latest filing for the period ending September. This drastic drop in value comes despite the company securing over $200 million in fresh capital earlier this year and preparing to file an initial public offering (IPO) next year.
PharmEasy’s financial woes emerged after it deferred a planned $843 million IPO slated for November 2021. The startup then turned to debt financing, including a $300 million loan from Goldman Sachs that proved problematic as the company struggled with repayment and raising new equity in a deteriorating market.
The startup, backed by prominent investors such as Prosus Ventures, Temasek, TPG, and B Capital, operates one of India’s largest online pharmacy platforms.
Source: techcrunch.com
