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  3. PharmEasy Plans To Raise INR 3,500 Cr Through Right Issue

PharmEasy Plans To Raise INR 3,500 Cr Through Right Issue

23 Aug 2023

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Key Takeaways

  • Although the company is facing financial difficulties, the infusion of capital through the right issue & other funding methods will uplift the company.

  • The funds raised along with repaying debt might also be used for expanding the business operations of the company.

  • Although the company is facing financial difficulties, the infusion of capital through the right issue & other funding methods will uplift the company.

  • The funds raised along with repaying debt might also be used for expanding the business operations of the company.

pharmeasy unlisted shares

API Holdings (Pharmeasy)

-8.09%

Expert Analysis

Health-tech unicorn PharmEasy, founded in 2015, plans to raise 3500 Cr through Right Issue next week to repay a large portion of its debt to Goldman Sachs.

 

Justification

  • The startup has so far raised more than $1.5 Bn across multiple rounds.

  • Received funding commitment worth INR 2000 Cr from Temasek Holdings, CDPQ, LGT, and Abu Dhabi sovereign wealth fund ADQ, among others.

  • Likely to receive 1200 Cr funding from Manipal Health Enterprises founder Ranjan Pai’s family office.

  • The company took high-cost debt from Goldman to buy ThyroCare, but broke a debt covenant stating to raise 1000 Cr through equity, but failed to do so.

  • Despite revenue growth to INR 5,729 Cr, losses surged to INR 2,731 Cr in FY22 of the company.

Publisher:Inc42