PharmEasy, an online pharmacy startup, has raised Rs 1,804 crore ($216 million) in a funding round led by Manipal Education and Medical Group (MEMG) and existing investors. Despite a significant valuation drop of about 90%, the round values the company at $710 million, down from $5.6 billion in 2021. MEMG’s family office contributed Rs 800 crore, while other investors like Prosus and Temasek also participated. PharmEasy aims to utilize the funds to address debts, including repayment to Goldman Sachs. The company, founded in 2015, had postponed its IPO plans due to market conditions after filing a draft prospectus with SEBI in 2021.