The valuation of India’s largest online pharmacy, which has grown aggressively through VC money and 11 acquisitions so far, has dropped and could be at almost half its October 2021 pre-IPO valuation of $5.4 billion at $2.5-2.75 billion. The IPO was withdrawn about three weeks ago.
Existing investors TPG Growth, Prosus Ventures, Temasek and ADQ will invest about $70-80 million in the latest round through a convertible instrument but the valuation and pricing will be set by the new set of investors.
Morgan Stanley and Bank of America are advisors to the fundraise.
The final investment amount and the valuation are still being negotiated. But the infusion from the new investors is expected to be anywhere between $200 million and $300 million.
