Indian on-line pharmacy startup PharmEasy has knowledgeable its present buyers that it plans to boost a brand new spherical of funding through rights subject at a 90% markdown from the earlier valuation, Indian newspaper Financial Occasions reported Wednesday.
PharmEasy, which earlier deferred a plan to go public, wants the brand new money to pay its lender Goldman Sachs, the newspaper reported. PharmEasy was valued at $5.6 billion in its most up-to-date funding spherical within the second half of 2021.
The startup plans to boost new financing by a rights subject that might worth the value of its share at 5 Indian rupees, down from 50 earlier, the paper reported. On the proposed phrases, if the spherical goes by, PharmEasy will see its valuation plummet to about $500 million to $600 million. The startup has altogether raised over $1.1 billion in opposition to fairness and in debt.
PharmEasy has been seeking to increase a brand new spherical for a number of quarters, however has struggled to discover a taker at even $2 billion valuation, TechCrunch reported earlier. The corporate didn’t reply.
The agency counts TPG, Prosus, Temasek, B Capital, Bessemer Enterprise Companions, Eight Roads Ventures, Steadview Capital and JM Monetary amongst its backers.