New Delhi, Dec 26 (IANS) The valuation of health-tech company PharmEasy has dropped to $456 million, which is about 92 percent less than its peak valuation of $5.6 billion.
Janus Henderson, one of the company’s investors, said in the filing that he has valued his 12.9 million shares in the startup at $766,043, TechCrunch reported.
According to the report, the asset manager’s Global Research Fund had originally invested $94 million in PharmEasy.
PharmEasy had reported a loss of Rs 2,533 crore in FY24. Also, during this period the company’s income has declined by 15 percent to Rs 5,664 crore.
According to the financial statements of API Holdings, the promoter company of PharmEasy, the company’s income from operations declined by 14.8 per cent to Rs 5,664 crore in FY24 from Rs 6,644 crore in FY23.
Last year, after the valuation cut, FarmEasy had reduced its workforce. The company has managed to reduce losses by 50 percent in FY24.
According to financial statements, PharmEasy spent Rs 1.28 to earn Rs 1 in revenue in FY24.
The valuation of FarmEasy was once close to $5 billion, which has now come down to between $500 to $600 million. The company has raised funds of $1.1 billion since its inception.
The healthtech company had also defaulted on a loan of Rs 3,500 crore from Goldman Sachs in June last year.
The company has also postponed its listing plan to August 2022 after filing IPO papers in November 2021.
In April this year, it had raised funding of approximately $216 million led by Manipal Education and Medical Group (MEMG) and existing investors. During this period, the valuation of the company was reduced by 90 percent.
–IANS
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