It's (API Holdings) getting funded at 90% de-value. Their parent company is pulled down in terms of profitability only because of its B2C arm i.e PharmEasy which is doing better than ever before (although has much lesser set of orders fulfilled - gotten rid of bad discount hungry customers).
The diagnostics arm is also a profitable one, given the margins in diag are crazy high.
PharmEasy has gotten rid of folks who were overpaid (which is continued in startups in general).
B2B folks know to make dhandha here. Hopefully works out for B2C soon.
They own 70% of a 400m listed public company. Also, they own 50% of a Pharmacy software companies. Both of these are profitable.
Hence, there's some value to Pharmeasy parent. Although I think Pharmeasy brand should have negative valie since it is and has always been a cash burner.
Why did they need to raise so much? So that they dont default on their debt payments. It was essentially a distressed fundraise with almost every existing investor getting wiped out.
How is culture with Kinara Capital? Somehow it's not in anyone's talk so far
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