Indian online pharmacy platform PharmEasy has raised Rs 1,804 crore ($216 million) in a round led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) and existing investors, Entrackr reported.
MEMG led the round with Rs 800 crore, while Prosus, Temasek, and 360 One Portfolios pumped in 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 the new round, per the report.
According to the report, the latest round valued the firm at $710 million, nearly a 90% discount from PharmEasy’s 2021 valuation of $5.6 billion.
PharmEasy, backed by Prosus Ventures and TPG Growth, competes with NetMeds, Practo, and Portea, among others in India.
PharmEasy has been trying to raise around Rs 3,500 crore since August last year to repay debt to Goldman Sachs. The firm defaulted on its loan terms with Goldman Sachs last June.
For the financial year ending in March 2023, PharmEasy recorded a 16% growth in its revenue to Rs 6,644 crore against Rs 5,729 crore in FY22. According to the report, the company also cut its losses to Rs 2,289.8 crore in FY23 compared to Rs 2,731.7 crore in FY22.