PharmEasy, an Indian online pharmacy company, has raised $216 million in a funding round headed by Manipal Education and Medical Group, led by Ranjan Pai, and previous investors.
With an investment of Rs 800 crore, MEMG was the lead investor in the round. Prosus, Temasek, and 360 One Portfolios contributed Rs 221 crore, Rs 183 crore, and Rs 200 crore, in that order.
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According to the article, WSSS Investments, Evolution Debt Capital, Goldman Sachs, and CDPQ Private Equity contributed a total of Rs 400 crore to the latest round.
The report claims that the company was valued at $710 million in the most recent round, which is almost 90% less than it’s projected 2021 valuation of $5.6 billion.
Prosus Ventures and TPG Growth-backed PharmEasy faces competition in India from companies like Practo, Portea, and NetMeds.
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Since August of last year, PharmEasy has been attempting to raise about Rs 3,500 crore in order to pay back loans to Goldman Sachs. In June of last year, the company missed payments on its Goldman Sachs loan.
PharmEasy reported a 16% increase in revenue to Rs 6,644 crore for the fiscal year that ended in March 2023 from Rs 5,729 crore for the previous year (FY22). The company reportedly reduced its losses to Rs 2,289.8 crore in FY23 from Rs 2,731.7 crore in FY22.
About PharmEasy
PharmEasy is an Indian online pharmacy that offers prescription drugs, diagnostic tests, and telemedicine services.
