PharmEasy raises $216 million at a 90% lower valuation from peak

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.

The startup has been in the market to raise fund of around Rs 3,500 crore since august last year in an attempt to repay a debt it took from goldman sachs. In June last year, Pharmeasy had defaulted on its loan terms with Goldman sachs.

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