India, April 30 -- Barely a month after the Competition Commission of India (CCI) greenlit PharmEasy's INR 3,500 Cr rights issue, the digital pharmacy has raised INR 1,804 Cr ($216.2 Mn) in a down round led by the family office of Manipal Group chairman Ranjan Pai.

As per regulatory filings accessed by Inc42, PharmEasy's parent API Holdings passed special resolutions to allot 18.63 Cr (18,63,74,897 to be precise) cumulative convertible preference shares B (CCPS B) at an issue price of INR 96.8 each. This translates into a cumulative total of INR 1,804 Cr.

The development was first reported by Entrackr.

The funds were raised as part of the ongoing rights issue at a 90% valuation cut compared to the startup's peak valuation of $5.6 Bn in...