Indian online pharmacy PharmEasy is now valued at about $456 million, down 92% from its peak valuation of $5.6 billion, according to investor Janus Henderson.
British American global equity firm Global Research Fund held 12.9 million shares in PharmEasy worth $766,043 as of its most recent filing as of the end of September. It originally spent $9.4 million to acquire those shares.
Hi Always low value That comes despite PharmEasy getting more than $200 million in new capital earlier this year and gearing up to take action. to present an initial public offering next yearTechCrunch reported earlier.
It follows the launch of PharmEasy. Rights issue in 2023 amid funding crisis There is a debt to be paid. A rights issue allows companies to raise capital by allowing shareholders to purchase shares at a discount. Depending on the terms, shareholders may also opt out of their previous ownership structures if they are not involved in a rights issue.
According to PharmEasy co-founder Dharmil Sheth, PharmEasy raised $417 million through an oversubscribed rights issue. As of April 2024, one rule showed that the startup had raised about $216 million.
Prosus, Temasek The startup, backed by TPG and B Capital, is one of the largest online pharmacies in India. The current valuation is below that of PharmEasy. It paid about $600 million to acquire the diagnostic lab chain Thyrocare. By 2021, Pharmasy has raised over $1 billion to date.
The startup's financial challenges came after a planned $843 million IPO for November 2021 was postponed. The company then struggled to make repayments and struggled to raise new equity in a deteriorating market, turning to debt financing, including a $300 million loan from Goldman Sachs.