Indian on-line pharmacy startup PharmEasy has knowledgeable its current traders that it plans to boost about $300 million in a brand new spherical of funding at a 90% markdown from the earlier valuation, an individual aware of the matter mentioned. Ought to PharmEasy safe the brand new funding, its valuation will probably be notably decrease than the full capital it has managed to boost through the years.

PharmEasy, certainly one of India’s largest pharmacy corporations, is racing to boost the brand new capital to pay its lender Goldman Sachs, the individual mentioned. Indian newspaper Financial Instances first reported the event, whereas Moneycontrol mentioned individually that healthcare group Manipal was trying to lead the $300 million funding into the startup.

API Holdings, the guardian agency of PharmEasy, was valued at over $5 billion in its most up-to-date funding spherical within the second half of 2021.

The agency, which presents a variety of companies together with instruments and data on wellness, consultations, diagnostic and radiology checks and therapy deliveries, had filed for a $843 million IPO in November 2021, however later deferred the plan.

The startup plans to boost new financing via a rights challenge that might worth the value of its share at 5 Indian rupees, down from 50 earlier, Financial Instances reported, citing inner paperwork.

On the proposed phrases, if the spherical materializes, PharmEasy will see its valuation plummet to about $500 million to $600 million. The startup has altogether raised over $1.1 billion towards fairness and in debt. It’s going to additionally turn into the primary main Indian unicorn to boost a down spherical.

PharmEasy has been trying to increase a brand new spherical for a number of quarters, however has struggled to discover a taker at even $2 billion valuation, TechCrunch reported earlier. The corporate didn’t reply.

The agency counts TPG, Prosus, Temasek, B Capital, Bessemer Enterprise Companions, Eight Roads Ventures, Steadview Capital and JM Monetary amongst its backers.