PharmEasy raises $216 million at a slashed valuation of $710 million
Online pharmacy startup PharmEasy has raised $216 million in a round led by Ranjan Pai’s 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. PharmEasy was last valued at $5.6 billion in 2021.
Among investors, the MEMG family office led the round with Rs 800 crore, and Prosus, Temasek, and 360 One Portfolios invested Rs 221 crore, Rs 183 crore, and Rs 200 crore, respectively. CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital cumulatively participated with Rs 400 crore in new investment.
Last year too the firm saw its valuation shrinking several times. First the firm’s valuation was reduced by around 50 percent by its investor Janus Henderson. This was followed by Neuberger Berman also cutting PharmEasy’s valuation by 21.4 percent to $4.4 billion as of February 2023.
