Although the Indian tech sector has been able to resist a global recession, startups in the country have been hit by a funding crunch and layoffs. Apart from Byju's, unicorns of the Indian startup ecosystem including Ola and Oyo have also faced a markdown of their valuation by investors.
Following them, online drugstore PharmEasy has become the latest startup to face a reduction in its valuation by global asset management firm Janus Henderson.
The firm which participated in a funding round for PharmEasy in September 2021, has cut down its stake in the company to $2.7 billion.
Second markdown for PharmEasy
This is more than 50 per cent lower than the valuation of startup at the time of the funding round, which was $5.6 billion.
This markdown has followed PharmEasy's failure to Rs 1,000 crore in equity and its violation of loan covenant terms with Goldman Sachs.
The markdown by Janus Henderson is also the second for PharmEasy after another investor Neuberger Berman slashed its valuation in February 28.
Apart from the digital pharmacy, Pine Labs, Swiggy and Ola are other major startups that have faced markdown.
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