This comes as a surprise as PharmEasy in April said it had launched a rights issue to raise about $417 million. The rights issue, which allows existing investors to buy new shares in the firm at a much lower valuation, was oversubscribed, PharmEasy co-founder Dharmil Sheth said in a LinkedIn post.
A regulatory filing showed at the time that the startup had secured about $216 million. Some investors had started to cut the worth of their holdings in PharmEasy last year itself. The new valuation estimation suggests that PharmEasy is now worth less than the sum it paid to acquire diagnostic lab chain Thyrocare in 2021.