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The largest investment in this round came from MEMG family office. An investment of Rs 800 crore has been made in this. Its Proces, Temasek and 360 One portfolios have invested Rs 221 crore, Rs 183 crore and Rs 200 crore respectively. Apart from this, CDPQ Private Equity, WSSS Investments, Goldman Sachs and Evolution Debt Capital have made new investments worth Rs 400 crore.
Valuation declined due to default on loan terms with Goldman Sachs
According to a report by Ntracker, the startup has been in the market to raise funds worth about Rs 3,500 crore since August last year in an effort to repay the loan from Goldman Sachs. In June last year, Pharmazy defaulted on its loan terms with Goldman Sachs.
The valuation of the company has reduced manifold
Last year also the valuation of the company had reduced several times. First, the company's valuation was reduced by about 50 percent by its investor Janus Henderson. Regarding this, Neuberger Berman also reduced the valuation of PharmEasy by 21.4 percent to $4.4 billion by February 2023.
Pharmazy was founded in 2015 by Dharmil Sheth, Dhawal Shah, Harsh Parekh, Siddharth Shah and Hardik Dedhia. This startup also tried to get listed in the market. But it put its IPO plans on hold after filing draft papers with market regulator SEBI. The company filed DRHP in November 2021. But the company withdrew its listing plans in August 2022, citing difficult market conditions.