AI security startup P0 raises $6.5 Mn in seed round

Amidst challenging market conditions, PharmEasy was reportedly planning to raise Rs 3,500 crore through the right issue from existing backers.

Temasek, TPG Growth, Prosus Ventures, CDPQ, Eight Roads Ventures, LGT Lightstone, ADQ (Abu Dhabi’s sovereign wealth fund), Amansa, OrbiMed, and Sunil Kant Munjal’s family office, expressed their interest to invest up to Rs 2,000 crore.

In May 2023, PharmEasy’s investor and global asset management company Janus Henderson reduced the unicorn’s valuation by nearly 50%. Prior to this, Neuberger Berman reduced PharmEasy’s valuation by 21.4% to $4.4 billion as of February 2023.

PharmEasy has raised over a billion dollars to date and turned unicorn in April 2021 after raising a $350 million round led by Prosus and TPG Growth.

On the other hand, its competitor Tata 1mg’s revenue from operations spiked 2.5X to Rs 1,627 crore while its losses jumped 2.2X to Rs 1,254 crore in FY23.