As per the filings of the global asset management company, it has slashed PharmEasy’s valuation by 50% to $2.8 Bn
The development comes days after it was reported that Neuberger Berman trimmed the valuation of the epharmacy unicorn to $4.4 Bn
Amid the funding winter and falling valuations of tech companies globally, multiple startups like Ola, Swiggy, Pine Labs, BYJU’S, and OYO have seen their investors trimming their valuations
Amid the global economic slowdown and valuation markdown season, PharmEasy has received another valuation cut. The epharmacy unicorn’s investor Janus Henderson has reportedly slashed its valuation to about $2.8 Bn.
The global asset management company’s filings with the US Securities and Exchange Commission (SEC) showed that it has cut the valuation of its holding in PharmEasy by 50%, ET reported.
Janus Henderson picked a stake in PharmEasy in September 2021.
The development comes days after it was reported that New York-based investment firm Neuberger Berman trimmed the valuation of the epharmacy startup to $4.4 Bn from $5.6 Bn in October 2021.
Amid the ongoing funding winter and falling valuations of tech companies globally, multiple Indian startups like Ola, Swiggy, Pine Labs, BYJU’S, and OYO have seen their investors trimming their valuations.
Along with PharmEasy, Neuberger Berman also cut the valuation of Pine Labs to $3.1 Bn from $5 Bn in July 2021. Meanwhile, Vanguard Group recently reduced the valuation of ride-hailing startup Ola by 35% to $4.8 Bn.
Earlier this month, it was reported that Invesco cut the valuation of Swiggy to $5.5 Bn as of October 2022 from $10.7 Bn in January 2021.
Last month, BlackRock also trimmed the valuation of edtech unicorn BYJU’S by almost 50% to $11.5 Bn.
Last year, PharmEasy deferred its plans to list on the Indian stock exchanges citing valuation mismatch and market volatility. However, it was not the only startup to do so as multiple Indian new-age tech companies like ixigo, Pine Labs, and Capillary Technologies postponed or cancelled their planned initial public offerings (IPOs) amidst a bloodbath on the exchanges.
PharmEasy filed its draft red herring prospectus (DRHP) with SEBI in November 2021 to raise INR 6,250 Cr. After deferring its IPO, the startup raised INR 750 Cr in October 2022. While Prosus picked up convertibles worth INR 100 Cr, Temasek subscribed to convertibles of nearly INR 90 Cr.
PharmEasy also laid off several employees last year. While Inc42 reported about 40 layoffs at the startup in June last year, more employees were laid off in the latter half of the year.
