The online drugs and medical services startup made some costly acquisitions in a bid to pull off an IPO at a high valuation. That plan may be coming unstuck.
On Monday, Reuters reported that online drugs and medical services startup PharmEasy was looking to raise $200 million. What was disturbing was that the company was prepared to do it at a lower valuation than it last raised money at.
That PharmEasy would want to raise $200 million was first reported in The Economic Times in May, when the company was in talks with Goldman Sachs to raise a debt of Rs 2,700 crore (about $340 million). The Reuters report said PharmEasy was open to offering a 15% or even 25% discount to last year's $5.1 billion valuation.
Clearly, PharmEasy’s …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai