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It is now worth about $456 million, down 92% from its peak value of $5.6 billion, according to Janus Henderson, investor in Indian online pharmacy PharmEasy.
British American global asset firm Global Research Fund valued its holdings of 12.9 million shares in PharmEasy at $766,043, as of its most recent filing for the period ending September. The fund initially spent $9.4 million to acquire these shares.
The persistent underestimation It comes though PharmEasy secured more than $200 million in fresh capital earlier this year. to file an initial public offering next yearTechCrunch previously reported.
This is after the launch of PharmEasy legal challenge in 2023 amid lack of funding and obligation to repay the debt. A rights issue allows companies to raise capital by giving shareholders the opportunity to buy stock at a discount. Depending on the terms, shareholders may also be removed from previous ownership structures if they do not participate in the legal matter.
According to PharmEasy co-founder Dharmil Sheth, PharmEasy raised $417 million through an oversubscribed rights issue. In April 2024, a regulatory filing showed the startup raised about $216 million.
Backed by Prosus, Temasek, TPG and B Capital, the startup runs one of the largest online pharmacies in India. The current valuation places PharmEasy’s value well below that Thyrocare paid about $600 million to acquire the diagnostic lab chain in 2021. Pharmeasy has raised over $1 billion to date.
The startup’s financial woes emerged after it postponed its planned $843 million IPO for November 2021. It later turned to debt financing, including a $300 million loan from Goldman Sachs.
