PharmEasy's current valuation remains 92% lower than its peak of $5.6 billion, according to investor estimates.

Indian online pharmacy startup PharmEasy, once valued at $5.6 billion, is currently estimated to be about 92% below its peak valuation, according to investor Janus Henderson. The British-American global asset firm, in a securities filing, revealed that PharmEasy’s implied valuation was around $458 million at the end of June.

This is notable given that the startup had initiated a rights issue in April to raise approximately $417 million, which was oversubscribed according to PharmEasy co-founder Dharmil Sheth in a LinkedIn post. A regulatory filing indicated that the startup had secured about $216 million at that time.

PharmEasy, which has received about $1 billion in funding from backers such as Temasek, TPG, B Capital, and Prosus, offers a variety of services including wellness tools, consultations, diagnostic and radiology tests, and treatment deliveries. The startup had filed for an $843 million IPO in November 2021 but postponed the plan. Instead, it opted to fund its rapid growth through debt, including a $300 million loan from Goldman Sachs. This loan later became a financial strain as PharmEasy struggled to repay it and raise new equity funds amid a changing market.