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PharmEasy Secures $216 Million Amid Steep Valuation Cut to $710 Million!

PharmEasy's valuation declined from $5.6 billion in 2021 to $710 million after raising $216 million, marking a 90% decrease amid ongoing financial struggles.
PharmEasy's Valuation Slashes 90% to $710M
PharmEasy's Valuation Slashes 90% to $710M

PharmEasy, an online pharmacy, has secured $216 million in funding, significantly lowering its valuation to $710 million, a steep drop from its 2021 valuation of $5.6 billion. This funding round was led by Ranjan Pai’s Manipal Education and Medical Group and supported by existing investors.

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The investment round witnessed a dramatic 90% reduction in the company’s valuation. Leading the investment, MEMG’s family office contributed Rs 800 crore. Additional funds were provided by Prosus, Temasek, and 360 One Portfolios, investing Rs 221 crore, Rs 183 crore, and Rs 200 crore respectively.

Other participants in this round included CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital, who together invested Rs 400 crore. This follows a trend of decreasing valuations for PharmEasy, with prior reductions by investors like Janus Henderson and Neuberger Berman.

PharmEasy was established in 2015 by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Siddharth Shah, and Hardik Dedhia. Initially aiming for an IPO, the startup withdrew its plans due to challenging market conditions, despite having filed with SEBI in November 2021.

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