Online pharmacy startup PharmEasy has raised $216 million in a round led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) among other existing investors.
The round happened at a valuation haircut of nearly 90 percent at $710 million, according to a report by Entrackr. PharmEasy was last valued at $5.6 billion in 2021.
Among investors, the MEMG family office led the round with Rs 800 crore, and Prosus, Temasek, and 360 One Portfolios invested Rs 221 crore, Rs 183 crore, and Rs 200 crore, respectively. CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital cumulatively participated with Rs 400 crore in new investment.
Also read: Byju’s, Pharmeasy among biggest underperformers in Prosus' India portfolio in H1
According to Entrackr’s report, the startup has been in the market to raise funds of around Rs 3,500 crore since August last year in an attempt to repay a debt it took from Goldman Sachs. In June last year, PharmEasy had defaulted on its loan terms with Goldman Sachs.
Last year too the firm saw its valuation shrinking several times. First the firm’s valuation was reduced by around 50 percent by its investor Janus Henderson. This was followed by Neuberger Berman also cutting PharmEasy’s valuation by 21.4 percent to $4.4 billion as of February 2023.
Founded in 2015, by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia, PharmEasy was among the startups looking to go public. The startup had postponed its IPO plan after filing draft papers with market regulator SEBI. The firm filed DRHP in November 2021 and pulled back its listing plan in August 2022 citing tough market conditions.
Also read: PharmEasy CEO hopes to return to market with an IPO if robust performance sustains
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