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The board of digital pharmacy PharmEasy has approved a resolution to increase the company’s authorised share capital.

PharmEasy is faced with a steep cut in its valuation, with the new funding round pegging its shares at Rs 5 each compared to the Rs 50 per share that it secured in 2021. The huge fall in value has triggered questions about the fate of Velumanis purchase of a 5% stake in the firm in 2021 when it was valued at $4 billion.

The board notified its shareholders about increasing the authorised share capital to Rs 3,500 crore (about $423.72 million), divided into 3,000 crore equity shares of Re 1 each, and 500 crore preference shares of Re 1 each. A company increases its authorised share capital to pump in new money from investors.

Amid financial trouble, PharmEasy will reportedly use the fresh funds raised to repay its loan to Goldman Sachs.

Dr. Bharti Gupta The Government of India’s flagship program, Startup India, was introduced on January 16, 2016, by Narendra Modi, the country’s prime minister. This was done with the intention of fostering a startup culture and creating a robust, inclusive ecosystem for entrepreneurship and innovation in India. Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or […]