PharmEasy raises $216 million at a 90% lower valuation from peak
Summary
Online pharmacy startup PharmEasy has raised $216 million in a round led by Ranjan Pais 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. CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital cumulatively participated with Rs 400 crore in new investment.Also read: Byjus, Pharmeasy among biggest underperformers in Prosus India portfolio in H1According to Entrackrs 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. This was followed by Neuberger Berman also cutting PharmEasys 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