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

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.