The Indian online pharmacy PharmEasy is currently valued at approximately $456 million, with investor Janus Henderson valuing its stake of 12.9 million shares in the startup at $766,043.
Janus Henderson’s Global Research Fund initially paid $9.4 million to acquire these shares, resulting in a valuation that is 92% lower than PharmEasy’s highest valuation of $5.6 billion.
Despite securing over $200 million in fresh capital earlier this year and preparing for an IPO next year, PharmEasy continues to face a low valuation.
In 2023, PharmEasy launched a rights issue to address funding challenges and debt obligations. The rights issue allowed the company to raise $417 million, with a regulatory filing in April 2024 confirming a total secured amount of about $216 million.
Backed by Prosus, Temasek, TPG, and B Capital, PharmEasy is one of the leading online pharmacies in India. Janus Henderson’s valuation of its stake suggests that PharmEasy is now valued lower than the $600 million it paid to acquire Thyrocare in 2021. PharmEasy has raised over $1 billion in funding so far.
PharmEasy faced financial challenges after postponing an $843 million IPO scheduled for November 2021. The company resorted to debt financing, including a $300 million loan from Goldman Sachs, leading to difficulties in repaying loans and raising new equity in a challenging market.
