PharmEasy further loses its valuation to $456 million: Report

New Delhi, Dec 26 Health-tech company PharmEasy has drastically lost its valuation to now around $456 million, from its all-time high of $5.6 billion.

Now, one of its investors Janus Henderson said in a filing that it valued its stake of 12.9 million shares in the startup at $766,043, reports TechCrunch.

According to the report, the asset manager’s Global Research Fund had originally invested $9.4 million.

The latest valuation by the asset manager is a whopping 92 per cent down from PharmEasy’s all-time high valuation.

In FY24, the online pharmacy clocked Rs 2,533 crore in losses, as it revenue declined almost 15 per cent at Rs 5,664 crore.

The revenue from operations decreased 14.8 per cent to Rs 5,664 crore compared to Rs 6,644 crore in FY23, as per the financials of API Holdings, the parent company of PharmEasy. The company, which substantially cut its workforce last year amid deep valuation cuts, managed to reduce losses by over 50 per cent in FY24, owing to 79 per cent reduction in goodwill impairment charges.

Once valued at $5.6 billion, PharmEasy saw its valuation nosedive to about $500-$600 million last year. It had raised around $1.1 billion to date. Last year, the online pharmacy startup PharmEasy went into deep crisis amid sharp valuation cut as it sought new funding.

As per reports, the healthtech company also defaulted on a Rs 3,500 crore loan from Goldman Sachs in June last year, and even postponed its listing plan in August 2022 after filing IPO papers in November 2021.

In April this year, it had a 90 per cent haircut in its valuation after it secured around $216 million funding led by Manipal Education and Medical Group (MEMG) and existing investors.

Source: IANS