API Holdings (Pharmeasy) Unlisted Shares
Pharmeasy’s Valuation Slashed By 90% By Investor Neuberger Berman
OfficeChai
2 min read
Pharmeasy’s Valuation Slashed By 90% By Investor Neuberger Berman.
Expert Analysis:
The valuation was reduced by 90%, and shares Neuberger Berman acquired for $8.87 million in October 2021 are now valued at just $823,432.
In July 2023 was seeking emergency funds at a valuation of $500-600 million.
Over eight years, PharmEasy raised $1.6 billion but eroded nearly Rs. 8,000 crore.
PharmEasy acquired Thyrocare for Rs. 4,500 crore, financed by a 5-year loan from Kotak Mahindra Bank. Later, it took a Rs. 2,280 crore loan from Goldman Sachs to repay the Kotak loan.
IPO Cancellation: PharmEasy planned to go public and pay off the Goldman Sachs loan with approximately Rs. 6,250 crore due to unfavorable market conditions canceling its IPO plans.
Loan Covenant: PharmEasy breached its loan covenant by failing to raise Rs. 1,000 crore equity. This allowed Goldman Sachs to take over PharmEasy.
Impact on Startup Ecosystem: Valuation cuts could put downward pressure on the valuations of hundreds of smaller startups and companies. It might be the first in a series of downrounds looming for India’s many unicorn startups.
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