Following the cancellation of its initial public offering (IPO), epharmacy PharmEasy has reportedly begun a rights offering to raise up to INR 750 Cr through convertible notes. The matter is expected to be resolved by the middle of October.
“There is a commitment of INR 750 Cr from existing investors, and they (investors) are currently subscribing to the rights issue pro-rata,” a source told the Economic Times. According to people familiar with the situation, the startup is ‘unsure’ about a new funding round due to unfavourable market sentiment, particularly in terms of valuation. “As is obvious, big-ticket fundraises are not easy right now, and valuations are being reassigned.” “They (PharmEasy) have been talking to multiple investors but may postpone the process due to current market conditions,” a source said.