The next big Indian unicorn that has reached troubled waters is online pharmacy startup PharmEasy which, according to multiple reports, is in deep crisis amid sharp valuation cut as it seeks new funding.
According to a TechCrunch report citing sources, PharmEasy which was once valued at $5 billion, plans to raise nearly $300 million at “a 90 per cent markdown from the previous valuation”.
PharmEasy will see its valuation nosedive to about $500-$600 million.
The report claimed that PharmEasy is raising fresh funds to pay its lender Goldman Sachs from which it borrowed nearly $285 million last year as it took a majority stake in diagnostics solution provider Thyrocare for over $600 million.
Money Control reported on Wednesday that Manipal Group has expressed interest in investing approximately Rs 1,000 crore for an 18 per cent stake in API Holdings, the owner of online pharmacy PharmEasy and promoter of Thyrocare.
“Furthermore, existing investors of API Holdings are expected to contribute approximately Rs 1,500 crore in a funding round led by Manipal Group,” said the report.
PharmEasy, which has substantially reduced its workforce in recent months, was yet to comment on the reports.
Leading startup news portal Inc42 earlier claimed that PharmEasy “has reduced its workforce by over 500 employees through resignations or layoffs since last year”.
“Former employees, some of whom have recently quit the company, allege that despite having five co-founders, PharmEasy has serious leadership gaps, adding to the chaos,” the report added.
In June 2021, API Holdings acquired automated accredited diagnostic laboratory Thyrocare Technologies. The company signed definitive documents to acquire 66.1 per cent stake in Thyrocare Technologies Ltd (Thyrocare) from Dr A. Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.
Crown Prince of Dubai presents PM Modi replica of his grandfather's traditional cloak
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the United Arab Emirates (UAE) presented to Prime Minister Narendra Modi a replica of his grandfather Sheikh Rashid's 'bisht'
President Murmu encourages Indian researchers in Portugal to contribute towards Viksit Bharat
President Droupadi Murmu on Tuesday interacted with over 60 Indian doctoral and post-doctoral researchers working in various institutions and universities all across Portugal, during her ongoing State Visit to the country, the first-ever visit by an Indian President in 27 years.
OTPC Palatana conducts security mock drill
The OTPC Palatana Plant, which stands as a vital installation and a significant asset not only for the state of Tripura but also for the Government of India, has successfully conducted a security mock drill on Tuesday.
PM Modi working tirelessly for welfare of Indigenous people: CM Saha
Tripura Chief Minister Manik Saha on Tuesday said that Prime Minister Narendra Modi is working tirelessly for the overall welfare of the indigenous people of the state, and the BJP government is also working in line with the direction of PM Modi.
CM listens to public grievances in Mukhyamantri Samipeshu, assures help
Chief Minister Prof. Dr. Manik Saha today said that health services in the state have significantly improved and all the facilities of government medical services are now available in the state.
ADB approves $85.4 Million loan to boost industrial infrastructure in Tripura
The Asian Development Bank (ADB) has approved an $85.4 million loan to improve critical industrial infrastructure in Tripura to boost competitiveness in the manufacturing sector, promote job creation, and facilitate integration into regional and global value chains.
ONOE will save time, money & resources: Former Tripura CM
Former Tripura Chief Minister and Lok Sabha Member Biplab Kumar Deb on Tuesday strongly defended the ‘One Nation, One Election’ (ONOE) Bill, saying that the initiative would bring significant savings in time, money, and resources.
Waqf Amendment Act comes into force, Centre issues gazette notification
The Waqf (Amendment) Act, 2025, officially came into effect on Tuesday following a Gazette notification issued by the Central Government. The Act received the assent of President Droupadi Murmu on Sunday, two days after its passage in Parliament.