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PharmEasy Secures $216 Million Funding Led by Manipal Group, Faces Valuation Cut

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PharmEasy, the online pharmacy startup, has successfully secured Rs 1,804 crore ($216 million) in a recent funding round led by Ranjan Pai’s Manipal Education and Medical Group (MEMG), alongside other existing investors.

PharmEasy Secures $216 Million Funding Led by Manipal Group

According to a report by Entrackr, this funding round was completed at a valuation haircut of approximately 90 per cent, valuing the company at $710 million. This marks a significant decrease from its previous valuation of $5.6 billion in 2021. The participants in PharmEasy‘s latest funding round included MEMG’s family office, contributing Rs 800 crore, while Prosus, Temasek, and 360 One Portfolios contributed Rs 221 crore, Rs 183 crore, and Rs 200 crore, respectively. Additionally, CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital collectively invested Rs 400 crore.

Entrackr’s report also highlights PharmEasy’s ongoing efforts to raise Rs 3,500 crore since August 2023 to repay debts incurred from Goldman Sachs. The online drug dispenser had defaulted on its loan terms with Goldman Sachs in June 2023. During the same period, the company experienced a significant reduction in valuation by nearly 50 per cent by investor Janus Henderson. Subsequently, Neuberger Berman further reduced PharmEasy’s valuation by 21.4 per cent 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 planning an initial public offering (IPO). However, it postponed its IPO plans after filing the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in November 2021. The listing plan was later withdrawn in August 2022 due to challenging market conditions.

PharmEasy’s latest funding round underscores investor confidence in the company’s potential, despite recent valuation adjustments and debt repayment challenges. With continued support from both existing and new investors, the online pharmacy aims to strengthen its position in the market and pursue its long-term growth objectives.

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