PharmEasy, has seen its valuation cut to $458 million. This is around a 92% valuation markdown from its peak of $5.6 billion in 2021. PharmEasy’s investor and global asset management company Janus Henderson slashes the company’s valuation by marking down its investment value by 91.8%, the filing accessed from SEC shows.

In April, company saw a 90% cut in the valuation when it raised Rs 1,804 crore ($216 million) led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) and existing investors.

The Mumbai-based firm has been trying to raise around Rs 3,500 crore to repay the debt it took from Goldman Sachs. The Dharmil Shah-led firm already defaulted on its loan terms with Goldman Sachs in June 2023.

Citing adverse market conditions, firm also deferred its initial public offering plan even after filing draft IPO papers. The firm filed DRHP in November 2021 and pulled back its listing plan in August 2022.

Recently, Gupshup’s investor Fidelity marked down the SaaS firm’s valuation to $500 million. The company was valued at over $1.4 billion in its last equity funding.

As per data from source , Firm posted a 16% year-on-year growth to Rs 6,643 crore revenue in FY23 while the losses for the Temasek-backed company surged 30.5% to Rs 5211 crore in the same period. The company is yet to file its annual statements for FY24.

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