PharmEasy reports net loss of Rs. 3,992 Cr for FY22

• ByStartupStory     |    December 23, 2022

According to RoC (Registar of Company) filings with the Ministry of Corporate Affairs, API Holdings Ltd, PharmEasy’s parent company, reported a net loss of Rs 3,992 crore for FY22, compared to Rs 641 crore in FY21 (2020-21).

The online pharmacy and health tech platform, which recently canceled its IPO due to “market conditions and strategic considerations,” saw a larger loss in FY22 as employee benefit expenses increased more than 5x during the year.

As per regulatory filings, the company’s employee benefit costs increased to Rs 1,459 crore in FY22, accounting for nearly a sixth of the company’s expenses, up from Rs 270 crore in FY21.

According to the filings, PharmEasy also spent Rs 494 crore on advertising and promotional activities during the year, up from Rs 134 crore in FY21. Total expenses increased to Rs 8,492 crore in FY22 from Rs 2,981 crore in FY21.

PharmEasy’s total revenue, on the other hand, more than doubled to Rs 5,729 crore in FY22, from Rs 2,335 crore the previous year, thanks to a 2.5x rise in operating income. The company’s operating revenue in FY22 was Rs 5,781 crore. PharmEasy’s other income, which includes interest from fixed deposits and loans, increased twofold to Rs 58 crore.

PharmEasy is an Indian online pharmacy that sells medicines, diagnostics, and telehealth services. Over the years, it has raised more than $1.12 billion in total investment across 16 funding rounds. Temasek, B Capital, Prosus, Steadview Capital, and Nandan Nilekani’s Fundamentum Partnership, among others, have invested in the company. Dharmil Sheth and Daval Shah founded it in 2014 in Mumbai.

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