Investor data shows PharmEasy’s $5.6 billion valuation shrinking to $456 million

Indian online pharmacy PharmEasy is now worth about $456 million, according to disclosures from its investor Janus Henderson, a 92% decline from its peak valuation of $5.6 billion.

British American Global Assets’ global research fund values ​​its 12.9 million PharmEasy share stake at $766,043, according to its latest filings for the period ending in September. The fund had originally spent $9.4 million to purchase these shares.

the Continuous low rating This comes despite PharmEasy securing more than $200 million in new capital earlier this year and preparing to… File an initial public offering next yearAs TechCrunch reported earlier.

This comes after the launch of PharmEasy A rights issue in 2023 amid a funding crisis And the obligation to pay the debt. A rights issue allows companies to raise capital by giving shareholders the opportunity to buy shares at a discount. Depending on the terms, shareholders could also be wiped out of their previous ownership structures if they did not participate in the rights issue.

PharmEasy has raised $417 million through an oversubscribed rights issue, according to PharmEasy co-founder Dharmil Sheth. An April 2024 regulatory filing showed the startup received about $216 million.

The startup, backed by Prosus, Temasek, TPG and B Capital, runs one of the largest online pharmacies in India. The current valuation places the value of PharmEasy much lower It paid about $600 million to buy diagnostic laboratory chain Thyrocare In 2021. Pharmeasy has raised over $1 billion to date.

The startup’s financial challenges emerged after it postponed an $843 million initial public offering that was planned for November 2021. It then turned to debt financing, including a $300 million loan from Goldman Sachs, which proved problematic as the company Struggling to make payments and raise new shares in a declining market.