Fact-checked by Grok 2 weeks ago

PharmEasy


PharmEasy is an health technology company founded in 2015 by Dharmil Sheth and Dhaval Shah, headquartered in , that operates as an platform offering home delivery of prescription and over-the-counter medicines, diagnostic testing services, and teleconsultation features.
The company expanded rapidly during the , acquiring competitor in 2021 to consolidate its position as one of India's largest e-pharmacies, and achieving status with a valuation peaking at $5.6 billion following significant venture funding.
However, PharmEasy has encountered substantial financial challenges post-2021, including persistent losses, delayed plans, and a sharp valuation decline to approximately $458 million by late 2024 amid investor markdowns and debt restructuring efforts.

Founding and Overview

Inception and Founders

PharmEasy was founded in in , , by Dharmil Sheth and Dhaval Shah, who identified significant inefficiencies in the country's traditional pharmacy ecosystem, characterized by fragmented local stores reliant on cash transactions and lacking in pricing. The duo's initiative stemmed from observations that medicines constituted the largest portion of household healthcare expenditures, prompting them to develop an aggregator platform that connected consumers with nearby pharmacies for discounted orders and , aiming to digitize access amid rising demand for affordable healthcare. Sheth brought expertise in technology and , while , a , contributed in , enabling the early focus on building a network of partners rather than inventory-heavy operations. The company began operations from , bootstrapping initially with personal and family resources before pursuing formal seed funding to scale its tech-enabled aggregation model. This approach addressed core pain points in India's sector, where over 800,000 independent outlets operated without standardized , often leading to inconsistent availability and inflated costs for consumers.

Core Mission and Initial Services

PharmEasy's foundational objective centered on simplifying healthcare delivery by facilitating online orders for prescription and over-the-counter (OTC) medicines, with rapid sourced from a network of partnered local . This approach aimed to address barriers such as urban congestion, pharmacy stock shortages, and pricing opacity in India's fragmented retail pharmacy sector, emphasizing affordability and convenience for consumers. At in 2015, the platform prioritized and branded drugs, offering discounts typically ranging from 20% on orders placed through its mobile app, which enabled prescription uploads and cash-on-delivery payments. Initial operations targeted major cities including and , where app-based ordering allowed for deliveries within 24-48 hours, leveraging partnerships to fulfill demands without maintaining physical . Early features included automated medicine reminders integrated into the app to promote adherence, alongside basic tools for order tracking, positioning PharmEasy as a user-centric aggregator rather than a direct retailer. These services focused on core accessibility without incorporating diagnostics or advanced consultations, aligning with the mission to make routine pharmaceutical needs "easy" for everyday users.

Historical Expansion

Early Operations and Growth (2015-2020)

PharmEasy commenced operations in 2015, founded by Dharmil Sheth and Dhaval Shah in , , as a platform aggregating orders from local for of medicines. The initial model focused on bridging consumers with neighborhood via a , enabling users to upload prescriptions and receive discounted medications within hours, targeting urban accessibility gaps in traditional retail. Early in 2015 supported basic , including verification and tie-ups, with the company processing initial order volumes in the thousands monthly through manual . Expansion accelerated from onward via targeted marketing campaigns and partnerships with independent pharmacies, emphasizing trust-building through verified prescription protocols and cash-on-delivery options to appeal to conservative buyers. By 2018, PharmEasy achieved over 200% year-on-year growth in orders, expanding to multiple Tier-1 cities like and , driven by word-of-mouth referrals and promotional discounts averaging 15-20% on generics. User acquisition relied on digital ads and collaborations with local chemists, scaling the partner network to support higher volumes without owning inventory, which minimized capital outlay but required robust quality checks to prevent risks. Regulatory navigation shaped operations amid India's nascent e-pharmacy landscape, governed loosely by the Drugs and Cosmetics Act of 1940 without dedicated online rules until draft e-pharmacy regulations emerged in 2018. These drafts mandated prescriptions for all sales and banned Schedule H1 drug promotions, prompting PharmEasy to implement mandatory e-prescription uploads and pharmacist validations to comply preemptively, avoiding enforcement actions seen in peers. Such measures, while increasing operational friction, fostered credibility amid stakeholder concerns over , enabling sustained growth without major disruptions. By 2020 (ending March 2020), revenue reached ₹637 , nearly doubling from the prior year, indicative of order volumes surging into the millions annually as monthly grew amid rising penetration. This organic scaling, pre-major acquisitions, positioned PharmEasy as a leading aggregator with nationwide reach, though profitability remained elusive due to high customer acquisition costs and logistics expenses exceeding 30% of revenue.

Acquisitions and Scaling (2021-2023)

In May 2021, API Holdings, the parent company of PharmEasy, completed the acquisition of competitor International, acquiring 100% of its equity shares to consolidate market share in online medicine delivery. Medlife's promoters received a 19.95% stake in PharmEasy as consideration, and Medlife discontinued operations effective May 25, 2021, with its customers migrated to the PharmEasy app and retail partners onboarded to its network. This merger positioned PharmEasy as India's largest e-pharmacy by user base, covering medicine delivery, diagnostics, and teleconsultations across a broader footprint. In June 2021, API Holdings signed a definitive agreement to purchase a 66.1% stake in Technologies, a listed diagnostics provider, for ₹4,546 ($613 million) from Dr. A. Velumani and affiliates at ₹1,300 per share. The deal, executed through wholly-owned subsidiary Docon Technologies, included an open offer for an additional 26% stake from public shareholders, aiming to vertically integrate lab testing and home collection services into PharmEasy's for end-to-end healthcare solutions. This acquisition enhanced PharmEasy's capabilities in preventive diagnostics, complementing its services amid rising demand for integrated care. Supported by these moves, PharmEasy scaled operations via its APIpharmacy model, partnering with over 6,700 licensed offline pharmacies and chains for inventory sourcing, order fulfillment, and last-mile delivery, which minimized dark store investments and regulatory hurdles. By 2021, the platform reached more than 1,000 cities, integrating Thyrocare's labs for seamless diagnostic testing alongside medicine orders. A $350 million funding round in October 2021 propelled its valuation to a peak of $5.6 billion, underscoring market optimism for its asset-light expansion and network effects, though system integrations required adjustments in supply chain coordination and partner onboarding.

Recent Developments and Restructuring (2024-2025)

In April , API Holdings, PharmEasy's parent company, raised approximately $216 million through a led by Manipal Group promoter and existing investors including , , and TPG, marking a 90% reduction from its peak valuation of $5.6 billion in 2021 to around $710 million. This funding addressed immediate liquidity needs amid a broader market correction in healthtech valuations, though subsequent investor markdowns in late implied an even lower valuation of about $456 million. PharmEasy encountered debt challenges, including breaches of financial covenants on a ₹2,700 crore loan from originated in 2022, though it continued servicing repayments to avert formal default. In September 2025, the company secured ₹1,700 crore ($193 million) via non-convertible debentures from 360 One and other participants, primarily to repay the facility, reflecting ongoing restructuring efforts to stabilize its . These measures coincided with reports of operational improvements, such as achieving positive in late 2024 and increased average revenue per retailer from ₹48,000 in March 2024 to ₹53,000 by March 2025, even as overall revenues flattened in FY25. Leadership transitions accelerated in 2025, with co-founders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia stepping down from operational roles in January to pursue new initiatives, followed by changes involving Siddharth Shah, the last remaining operational founder, effective August 27, 2025. Sheth, Shah, and Dedhia launched All Home, a and venture targeting India's fragmented market, on June 23, 2025, securing initial funding from investors like and at a reported $120 million valuation. The company's $843 million IPO, initially filed in and deferred due to regulatory scrutiny and market conditions, saw renewed consideration in 2025 board discussions, including potential reverse merger options with subsidiary to enhance listing viability amid persistent revenue stagnation. Plans to revisit IPO feasibility were slated for board review in February and August 2025, prioritizing profitability and debt reduction prerequisites.

Business Model and Operations

Revenue Streams and Platform Features

PharmEasy's primary derives from and margins on and health product sales, which account for approximately 87% of its as of 2025. The company operates an asset-light model, partnering with local pharmacies to fulfill orders without holding significant , and earns an average rate of 10-15% per transaction. Secondary streams include commissions from diagnostic and test bookings, contributing around 10% of revenue through integrations with partnered labs like , where PharmEasy facilitates orders and collects fees on completed services. and promotions from pharmaceutical brands, firms, and diagnostic centers provide additional income via featured placements on the . The PharmEasy subscription, priced as low as ₹49 for 12 months in promotional offers, generates recurring fees by offering members 5% extra on medicines, 50% additional credits on initial tests, free delivery on qualifying orders, and to sales, encouraging repeat usage. PharmEasy maintains a hybrid B2C-B2B model under its parent Holdings, which provides integrations for wholesalers, hospitals, and other platforms to access its and fulfillment services, emphasizing cost efficiencies through partnerships over competitors' inventory-heavy approaches. The platform's core features center on its and website, enabling users to search and order prescription, over-the-counter (OTC) medicines, and healthcare products with up to 20-25% discounts compared to retail prices, verified via uploaded prescriptions for regulated drugs. is pincode-specific, with express options available in select urban areas and tracking of agents from dispatch to doorstep. Integrated services include seamless booking of blood tests, full-body checkups, and other diagnostics with home sample collection, alongside medication reminders to promote adherence. Payment options encompass UPI, cards, and wallets, with no convenience fees on many orders to enhance . The "super app" design consolidates these into a single interface, supporting on-demand fulfillment from a network of over 100,000 partner pharmacies across .

Supply Chain and Diagnostics Integration

PharmEasy maintains a nationwide comprising over 100,000 partner pharmacies, enabling widespread medicine fulfillment and distribution across . This extensive partnership model allows the platform to source and dispatch orders from local licensed stores, supplemented by its own regional warehouses that facilitate same-day or next-day delivery in major metropolitan areas such as , , and . The hybrid approach combines centralized inventory management with pharmacy aggregation to minimize transit times, typically achieving 6-24 hour deliveries in urban centers through integration. Following the acquisition of a 66% stake in Technologies for approximately ₹4,546 in June 2021, PharmEasy integrated diagnostic services into its ecosystem, extending beyond pharmaceutical delivery to encompass comprehensive healthcare . This merger enabled home-based sample collection by certified phlebotomists dispatched via the platform's network, with testing conducted at Thyrocare's NABL-accredited laboratories. Customers receive digital lab reports through the PharmEasy app or registered , often within 24-48 hours, streamlining access to and results without physical visits. The integration has broadened PharmEasy's operational scope to a full-stack model, incorporating diagnostics into routine orders for coordinated care delivery. Operational challenges in the , particularly maintaining cold-chain integrity for temperature-sensitive specialties like and biologics, are addressed through specialized providers and technology-driven . PharmEasy employs tracking systems and to ensure with storage norms, reducing spoilage risks during from warehouses to end-users. These measures, including IoT-enabled sensors for checks, support efficient handling of perishable items amid India's diverse climatic conditions.

Financial Performance

Funding Rounds and Investor Base

PharmEasy has raised approximately $1.7 billion across more than 14 funding rounds since 2015, primarily through equity investments in early and growth stages, with participation from prominent and firms. Key investors include TPG Growth, Ventures, , and , which have backed multiple rounds and hold significant stakes in the company. Early funding included Series B rounds totaling around $18 million in 2017 led by , followed by Series C investments amounting to $77 million across two tranches in 2018 from investors such as India Quotient and Unilazer Ventures. A pivotal Series D round in February 2020 brought in $220 million, primarily from TPG. In 2021, PharmEasy secured over $1 billion through successive large equity infusions, including a $390 million Series E round in April led by TPG and others. Subsequent rounds involved additional commitments from existing backers like and . Post-2023, amid a broader funding slowdown in the sector, PharmEasy increasingly turned to and structured financing, raising $216 million in a in April 2024 from investors including MEMG , CDPQ, and . This trend continued with a $193 million conventional round on September 16, 2025, led by 360 ONE and supported by Alkram Ventures, Bennett Coleman & Co., Micro Labs, and Medley Pharmaceuticals.

Valuation Fluctuations and Debt Issues

PharmEasy attained a peak valuation of $5.6 billion in October 2021 after raising $350 million in a funding round led by TPG Growth, , and , amid heightened investor enthusiasm for healthtech during the aftermath. By mid-2024, however, investor markdowns reflected a sharp correction, with valuations slashed to around $560 million following a , and further to $458 million by September as per estimates—a 92% decline from the peak. This trajectory paralleled post-boom recalibrations in sectors like edtech, where initial hyper-growth valuations proved unsustainable amid normalizing market conditions and scrutiny of unit economics. Compounding the valuation erosion, PharmEasy accumulated significant debt, including a Rs 2,280 crore ($285 million) term loan from in August 2022 to refinance prior obligations from and others. By 2023, the company breached loan covenants tied to minimum equity fundraising thresholds—failing to secure Rs 1,000 crore—which accelerated repayment demands and negotiations for debt-to-equity conversions. These issues persisted into 2024, with additional covenant violations on the expanded Rs 3,500 crore facility, stemming from liquidity shortfalls and delayed IPO plans, though the firm avoided outright default by prioritizing interest servicing. The downturn's root causes included aggressive post-merger expansion—such as network buildup and acquisitions—that drove cash burn rates exceeding 2,000 annually, outstripping revenue trajectories. GMV growth decelerated as PharmEasy's in orders fell from 33% in October 2022 to 15% by September 2023, pressured by rivals like and regulatory constraints on e-pharmacy practices, including bans on certain discounting and unverified sales models under India's Drugs and Cosmetics Rules amendments. This mismatch between capital-intensive scaling and maturing demand dynamics eroded investor confidence, amplifying debt servicing risks in a higher-interest environment.

Profitability Efforts and Cash Flow Trends

PharmEasy reported substantial net losses in FY23, exceeding INR 5,000 , driven by high operational s and aggressive . By FY24 (ending March 2024), the company halved its net loss to INR 2,533 through rigorous optimization, including a 90% reduction in and expenses to INR 24.4 from INR 235 in FY23. Employee costs also fell sharply to INR 699 from INR 1,283 , reflecting workforce rationalization and operational streamlining. These measures narrowed EBITDA losses to INR 552 in FY24, with EBITDA before exceptional items and ESOP expenses improving to -INR 424.8 from -INR 797.3 in FY23. In FY25 (ending March 2025), losses further declined 40% to INR 1,517 crore, continuing the trajectory of fiscal discipline amid flat revenues around INR 5,980 crore. The firm prioritized margin enhancement over volume growth, with total expenses dropping 19.2% year-over-year in prior periods to support sustainability. Quarterly indicators showed intermittent progress, such as a positive EBITDA of INR 14 crore in April 2023 on INR 600 crore revenue, signaling potential for operational breakeven under controlled spending. Cash flows from operations remained negative, at -INR 223.53 crore in FY25 and widening to -INR 223.5 crore overall, contrasting earlier deeper outflows but highlighting persistent working capital pressures despite inventory and supply chain tweaks. Efforts to achieve cash flow positivity focused on debt reduction and premium service emphasis, yet operating activities posted -INR 114.9 crore in FY25, underscoring challenges in converting cost savings to free cash amid subdued demand. These trends reflect a strategic pivot from growth-at-all-costs to viability, though full profitability awaits sustained revenue stabilization.

Competitive Landscape

Key Rivals and Market Dynamics

The Indian e-pharmacy sector features intense competition among digital-first platforms and extensions of traditional pharmacy chains, with PharmEasy facing primary rivals including , Apollo 24/7, and Netmeds. , backed by Tata Digital, commands the largest market share at approximately 31% as of September 2023, bolstered by its integration of telemedicine and diagnostics. Apollo 24/7, the online arm of , holds around 18-20% share, leveraging its extensive offline network of over 5,000 pharmacies for hybrid fulfillment. Netmeds, acquired by in 2020, benefits from the conglomerate's supply chain dominance, enabling competitive pricing and rapid delivery in tier-2 and tier-3 cities. The , valued at USD 394 million in 2024, is projected to reach USD 801 million by 2030, reflecting a (CAGR) of 12.62%, though some estimates suggest higher figures up to USD 5 billion by mid-decade due to varying methodologies. Growth, estimated at 20-30% year-over-year in recent years, remains constrained by regulatory hurdles under the , which mandates valid prescriptions for scheduled drugs and prohibits direct online sales without pharmacist verification, limiting e-pharmacies to non-prescription and validated prescription-based orders. These rules, enforced by state drug controllers, have slowed penetration to under 5% of the overall USD 25 billion retail market, favoring platforms with robust compliance and physical tie-ups. Sector dynamics are characterized by waves of consolidation and funding-driven expansion, diminishing the first-mover edge of players like PharmEasy, founded in 2015. Key mergers include PharmEasy's 2021 acquisition of , creating a combined entity with over 10 million users at the time, and Reliance's majority stake in Netmeds for USD 83 million, which intensified price wars and battles. Offline giants such as Apollo and have digitized aggressively, capturing share through models, while well-funded entrants like Flipkart Health+ add pressure via synergies. This environment, with over 1,100 active players, prioritizes scale via investor capital—evident in Tata 1mg's USD 150 million raise in 2022—over profitability, fostering a landscape where regulatory evolution could further reshape dominance.

Differentiation Strategies and Market Share

PharmEasy employs a offline-online model as a core differentiation strategy, functioning primarily as a that partners with local pharmacies while incorporating centralized warehouses for inventory management and faster fulfillment. This approach contrasts with pure-play online rivals reliant solely on inventory, allowing PharmEasy to achieve delivery times of 6–24 hours and deeper penetration into Tier-2 and Tier-3 cities, where traditional healthcare infrastructure is sparse. By extending its presence to these underserved markets—targeting openings in over 50 locations by 2022 and leveraging multilingual app interfaces—the company addresses accessibility gaps that limit competitors' reach. To foster customer loyalty and upsell opportunities, PharmEasy integrates diagnostics bundling with purchases, offers subscription-based loyalty programs providing discounts and priority delivery, and applies for personalized recommendations of supplements, health plans, and tests. These tactics capitalize on its large user base to drive repeat business and cross-category engagement, setting it apart from platforms focused predominantly on transactional sales. PharmEasy's strategies have positioned it as a significant player in India's e-pharmacy sector, with analyses identifying it as a leader through its aggregator-hybrid framework and early entry advantages, though intensified rivalry from entities capturing over 30% share by late 2023 has pressured its relative standing amid broader expansion to ₹32,000 by 2025.

Controversies and Regulatory Challenges

Medlife Merger Protests and Employee Impacts

The acquisition of by PharmEasy, completed on May 26, 2021, led to the immediate discontinuation of Medlife's independent operations, with its customer base and retail partners migrated to the PharmEasy platform to form India's largest online healthcare delivery entity serving over 2 million households monthly. This structural integration inherently involved eliminating operational overlaps, a standard practice in mergers to achieve cost synergies and enhance in the competitive e-pharmacy sector. Public records indicate no organized protests or significant employee backlash specifically attributed to the Medlife merger, unlike some high-profile tech acquisitions that triggered visible unrest over redundancies. Medlife staff were presumably subject to workforce rationalization as duplicate roles in areas like , , and platform management were consolidated under PharmEasy's structure, though exact figures for merger-related redundancies remain undisclosed in company filings or announcements. PharmEasy emphasized the deal's role in bolstering long-term viability through expanded reach and efficiency gains, without detailing metrics at the time. In the years following, PharmEasy implemented broader layoffs totaling hundreds of employees—approximately 400-500 in alone—driven by shortfalls and cash burn pressures rather than direct merger fallout. These actions, including performance-based terminations, underscored ongoing tensions in India's , where rapid scaling post-acquisition often precedes restructuring for profitability. No legal settlements or union-led disputes linked explicitly to employee transitions have been reported, suggesting a relatively contained integration process focused on operational streamlining over protracted labor conflicts.

Advertising Practices and Compliance Issues

In April 2019, the Advertising Standards Council of India (ASCI) upheld a complaint against PharmEasy's television and digital advertisements claiming "100% Genuine Medicines." The ASCI's Consumer Complaints Council determined that the claim lacked substantiation through verifiable evidence, such as a list of registered suppliers approved by state Food and Drug Administrations (FDAs) or third-party quality certifications confirming authenticity across all sourced products. This ruling aligned with ASCI guidelines requiring empirical support for absolute guarantees in advertising, particularly in pharmaceuticals where consumer trust hinges on product integrity. The intervention was part of a broader ASCI review of 206 advertisements that month, upholding violations in 114 cases, including several from the healthcare sector. PharmEasy responded by modifying its to comply, avoiding further , though no monetary fines were imposed—ASCI primarily mandates corrections or withdrawals rather than penalties. This episode underscored challenges for e-pharmacies under self-regulatory codes, which prohibit unsubstantiated superiority claims amid stricter norms from bodies like the Central Drugs Standard Control Organization (CDSCO) limiting promotion of prescription drugs. PharmEasy's marketing, emphasizing deep discounts and rapid delivery to fuel user growth—evident in its expansion to over 1,000 cities by 2020—drew informal scrutiny over discount sustainability, with trader associations like CAIT alleging predatory tactics in 2021 promotions offering up to 25% off amid lockdowns. However, these centered on pricing practices rather than formal ad misleadingness, and no ASCI or (NPPA) actions specifically targeted discount claims. NPPA's role remains pricing oversight, not ad content, though it has flagged e-pharmacy discounts distorting scheduled drug affordability. Such promotions boosted PharmEasy's order volume but highlighted tensions with guidelines prioritizing transparent claims over aggressive growth tactics.

Financial Mismanagement Allegations

PharmEasy faced allegations of excessive cash burn rates that prioritized rapid, unprofitable expansion over sustainable growth, particularly during 2022 and 2023 when the company reported net losses significantly exceeding revenues amid aggressive and acquisition spending. accounts and financial analyses highlighted how such strategies, including heavy investments in diagnostics via the acquisition, strained liquidity without achieving positive unit economics, contributing to operational inefficiencies in a capital-constrained environment. Debt-related governance issues drew further scrutiny, exemplified by PharmEasy's breach of a key with in June 2023 after failing to raise the required ₹1,000 in , which was stipulated as a condition for the $285 million raised the prior year. This over-leveraging, with a climbing to 2.1:1 following leveraged buyouts, amplified risks as market conditions tightened, leading to valuation markdowns of over 90% from a 2021 peak of $5.6 billion. Co-founder exits intensified questions about internal accountability, with CEO Siddharth Shah resigning from executive duties in August 2025 and both co-founders stepping back from daily operations by January 2025 amid ongoing financial restructuring and investor pressures. These departures occurred against a backdrop of delayed IPO plans and covenant violations, prompting critiques of leadership in navigating high-growth sector volatilities. Company representatives countered that such challenges reflect broader market dynamics in India's competitive e-pharmacy space, where high initial investments are common for scaling, and pointed to subsequent adaptations like debt refinancing—such as ₹1,700 in fresh funding in September 2025 to settle prior obligations—as evidence of proactive rather than inherent mismanagement.

References

  1. [1]
    PharmEasy - Crunchbase Company Profile & Funding
    PharmEasy is a health tech startup offering services such as teleconsultation, medicine deliveries, and diagnostic test sample collections.
  2. [2]
    PharmEasy - 2025 Company Profile, Team, Funding, Competitors ...
    Sep 17, 2025 · PharmEasy is a series F company based in Mumbai (India), founded in 2015 by Siddharth Shah, Dharmil Nirupam Sheth, Dhaval Shah, Mikhil Innani, Harsh Parekh and ...
  3. [3]
    About Us - PharmEasy
    PharmEasy is a consumer healthcare “super app” that provides consumers with on-demand, home delivered access to a wide range of prescription, OTC pharmaceuticalMissing: founded | Show results with:founded
  4. [4]
    PharmEasy Success Story | Founders | Business Model - StartupTalky
    PharmEasy is India's trusted online portal for the purchase of medicines and health care items. Read about PharmEasy startup story, owners, net worth, ...PharmEasy - Founders and... · PharmEasy - Business Model · PharmEasy - ESOPs
  5. [5]
    PharmEasy sees 92% cut in valuation at $458 million
    plunging from a peak of $5.6 billion in 2021 to $458 million, according to recent SEC ...Missing: achievements controversies<|separator|>
  6. [6]
    PharmEasy's Valuation Cut to $456 Million by Investor - StartupTalky
    Dec 28, 2024 · Online pharmacy PharmEasy's worth has fallen to about $456 million, a sharp 92% decrease from its previous peak of $5.6 billion.Missing: achievements controversies
  7. [7]
    These startups are transforming healthcare in India - YourStory.com
    Jul 10, 2018 · Founded in 2015 by Dharmil Sheth and Dhaval Shah, Mumbai-based PharmEasy is a pharma aggregator, which connects patients with local pharmacy ...
  8. [8]
    PharmEasy: A tryout's journey through tests to the Thyrocare takeover
    Jun 27, 2021 · In 2015, Dharmil and Dhaval noticed that most of the household spend on healthcare goes into medicines. So, they came up with an online ...
  9. [9]
    PharmEasy: Aggregator of Affordable Healthcare - Growfers
    PharmEasy was founded with the sole objective of making healthcare accessible and inexpensive to everybody. It sought to connect patients with local pharmacies ...The Beginning Of A Better... · Pharmeasy's Stumbling Blocks... · Pharmeasy: Health's Crown
  10. [10]
    Top 10 HealthTech Startups in India
    Jun 14, 2024 · pharmeasy.in. PharmEasy-Top 10 HealthTech Startups in India. Founded: 2015. Founders: Dharmil Sheth, Dr. Dhaval Shah. PharmEasy is an online ...
  11. [11]
    Top 10 HealthTech Startups In India
    Jun 11, 2024 · Overview: PharmEasy, established in 2015 by Dharmil Sheth and Dr. Dhaval Shah, is an online pharmacy and healthcare platform. It provides ...
  12. [12]
    ayaznoori/PharmEasy-Clone - GitHub
    The company was founded in 2015 by Dharmil Sheth and Dhaval Shah in Mumbai with the initial seed funding provided by their parents. - ayaznoori/PharmEasy-Clone.Missing: headquarters | Show results with:headquarters<|control11|><|separator|>
  13. [13]
    The rise of E-pharmacy in India: Benefits, challenges, and the road ...
    Oct 6, 2022 · Founders: Anurag Mundhada, Prashant Tandon, Vikas Chauhan, Gaurav Agarwal, Sameer Maheshwari. PharmEasy. Launched in 2015, PharmEasy has been ...
  14. [14]
    PharmEasy and Brand Capital create India's No.1 Health Tech ...
    Sep 28, 2018 · Their vision was to make healthcare accessible and affordable across India through a quick and efficient doorstep service with great discounts.Missing: initial | Show results with:initial
  15. [15]
    PharmEasy CASE STUDY - Leadpreneurs
    PharmEasy is a consumer healthcare app offering on-demand solutions, acting as an e-pharmacy with a three-way chain of buyers, suppliers, and distribution.
  16. [16]
    PharmEasy and Brand Capital create India's No.1 Health Tech ...
    Sep 28, 2018 · The PharmEasy app also integrates an auto medicine reminder that ensures one never misses a medicine dose. Pharmacy made easy, but how? "Fashion ...Missing: features | Show results with:features
  17. [17]
    Will Pharmeasy Win E-Pharmacy's Intense Battle? - ajvc
    Aug 23, 2020 · By 2018, Pharmeasy was growing fast. A 200% growth YoY is high even from an early stage startup standard but Pharmeasy managed to deliver these ...Missing: metrics | Show results with:metrics
  18. [18]
    Exclusive: PharmEasy FY20 revenue nearly doubles to Rs 637 crore
    Sep 15, 2020 · PharmEasy, India's largest online pharmacy, has nearly doubled its revenue in FY20 to Rs 637 crore although its losses also increased during the same period.
  19. [19]
    PharmEasy completes acquisition of Medlife - The Economic Times
    May 26, 2021 · Online pharmacy PharmEasy on Wednesday said it has completed the acquisition of Medlife to become the largest healthcare delivery platform in India.
  20. [20]
    Medlife to cease operations, merge with PharmEasy this week
    May 25, 2021 · The deal saw API Holdings, the parent entity of PharmEasy, acquire 100% equity shares of Medlife. Medlife's promoters have in return got a 19.95 ...Missing: details | Show results with:details
  21. [21]
    PharmEasy buys Medlife to become India's largest medicine ...
    May 25, 2021 · Medlife will discontinue operations from May 25, 2021, and its existing retail partners will be swiftly onboarded onto PharmEasy's platform, ...Missing: details | Show results with:details
  22. [22]
    PharmEasy to acquire majority stake in Thyrocare for $613M
    Jun 25, 2021 · API Holdings, which operates the giant healthcare startup PharmEasy, has reached an agreement to acquire a 66.1% stake in Thyrocare for ...
  23. [23]
    PharmEasy to acquire 66% stake in Thyrocare for over Rs 4500 crore
    Jun 25, 2021 · PharmEasy parent API Holdings signed a definitive agreement to acquire a 66.1% stake in Thyrocare for Rs 4,546 crore, according to an exchange ...
  24. [24]
    Pharmeasy api holding - Stakehub
    When a user places a pharmaceutical order through the app, Pharmeasy leverages its network of over 6700 licensed pharmacy stores, which act as suppliers. The ...
  25. [25]
    Competitive Analysis Of PharmEasy | by EKTA BHORANIYA - Medium
    Feb 28, 2021 · It is expected to grow to $35 Bn by FY 25, out of which, 38–55% is likely to be tapped by e-health players at $11–19 Bn annual GMV. It also ...
  26. [26]
    PharmEasy investor cuts value of its stake drastically, implying new ...
    Dec 25, 2024 · A regulatory filing in April 2024 showed the startup had secured about $216 million. The startup, backed by Prosus, Temasek, TPG, and B Capital, ...
  27. [27]
    PharmEasy raises $216M amid 90% valuation drop - YourStory.com
    Apr 30, 2024 · PharmEasy raises $216M amid 90% valuation drop. Tuesday April 30, 2024 , 2 min Read. Google Preferred. Api Holdings Limited, the parent ...
  28. [28]
    PharmEasy's Fresh Debt Raise: A Look into the ₹1,700 Crore
    Sep 18, 2025 · The company raised ~$216 million in equity but faced a dramatic ~90% valuation cut, dropping from $5.6 billion to just ~$710 million. September ...Missing: controversies | Show results with:controversies
  29. [29]
    PharmEasy raises fresh debt to clear Goldman Sachs loan after 90 ...
    Sep 16, 2025 · ... valuation haircut to $710 million from PharmEasy's $5.6 billion peak in 2021. That round, led by MEMG with participation from Prosus ...
  30. [30]
    PharmEasy's Uneasy State - Inc42
    Sep 14, 2025 · PharmEasy is eyeing its upcoming IPO as a lifeline amidst debt burden, revenue flattening and leadership exit.
  31. [31]
    Pharm-Uneasy As Leadership Changes Take Effect | MedicinMan
    Aug 11, 2025 · Effective Date: The changes officially come into force from August 27, 2025[2][3][4]. ... Siddharth Shah, PharmEasy's last operational founder, ...
  32. [32]
    PharmEasy Founders Enter $120M Interior Design Venture
    Jun 23, 2025 · PharmEasy co-founders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia have launched All Home, a new venture aimed at organizing India's fragmented architectural ...
  33. [33]
    PharmEasy founders launch home improvement venture All Home ...
    Jun 23, 2025 · PharmEasy founders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia have launched a one-stop shop for home improvement needs.
  34. [34]
    PharmEasy to formally discuss IPO plans with its board in second try
    Jan 20, 2025 · The company will discuss its IPO plans with the board next month, including options such as a reverse merger with Thyrocare.<|control11|><|separator|>
  35. [35]
    PharmEasy Set to Revisit IPO Plans in February 2025 Board Meeting
    Jan 21, 2025 · A key aspect under consideration is a reverse merger with Thyrocare, a move that could streamline operations and enhance its appeal to public ...
  36. [36]
    PharmEasy Unlisted Share Price 2025 - IPO Central
    PharmEasy plans to revisit its initial public offering (IPO) plans at its board meeting in August 2025. The company is looking to relaunch the IPO after ...
  37. [37]
    Business Model OF PharmEasy : Complete Strategy Breakdown 2025
    today, it stands as India's largest digital healthcare platform, valued at over $2 ...Missing: inception motivations
  38. [38]
    PharmEasy Revenue Model: How PharmEasy Makes Money in 2025
    Oct 17, 2025 · In FY25, PharmEasy generated approximately ₹5,872 crore in operating revenue, up about 3.7% year-on-year. Its total income crossed ₹5,980 crore, ...Missing: 2015-2020 | Show results with:2015-2020
  39. [39]
    PharmEasy Business Model: How India's Leading E-Pharmacy ...
    Feb 7, 2025 · Dhaval Shah and Dharmil Seth, two businessmen from Mumbai. The goal of these founders was to make healthcare accessible and affordable for all.
  40. [40]
    Learn About The Business Model Of PharmEasy & Its Competitors
    Do you want to invest in PharmEasy unlisted shares? Learn about the business model of PharmEasy and its competitors before trading at Stockify.
  41. [41]
    API-Holdings: Digital Healthcare
    API Holdings is India's largest digital healthcare platform, working with consumers, pharmaceutical companies, wholesalers, pharmacies, hospitals, doctors, ...
  42. [42]
    PharmEasy's Uneasy State - LinkedIn
    Sep 14, 2025 · So while the B2B model is sustaining PharmEasy, the brand behind the B2C platform has failed to shine.
  43. [43]
    PharmEasy – Online Pharmacy & Medical Store with Healthcare ...
    PharmEasy, one of India's most trusted online pharmacy & medical stores, offers online medicine delivery, lab tests, online doctor consultation, ...Order MedicineLab TestsHealthcare ProductsPharmEasy™ Offers & Coupon ...Skin Care
  44. [44]
    PharmEasy - Healthcare App - Apps on Google Play
    PharmEasy is a reliable online pharmacy app that simplifies the purchase of healthcare products, OTC items & medical equipment online. With this medicine app, ...
  45. [45]
    PharmEasy Business Model: How does it work and earn money?
    Apr 26, 2022 · Learn about Pharmeasy business model, revenue streams, their background in detail. Create your own online pharmacy delivery app today.Missing: streams | Show results with:streams
  46. [46]
    PharmEasy - Healthcare App on the App Store
    Rating 4.0 (345) · Free · iOSGreat app for all medicine needs. Delivery is super fast and customer service is excellent. Best part is they give discount on medicines better than local ...Missing: platform | Show results with:platform
  47. [47]
    What Is PharmEasy App and How Does It Work? - Miracuves Solutions
    Oct 16, 2025 · Doctor consultation feature; Wallet and payment gateway; Offers, discounts, and loyalty programs; Push notifications for reminders and offers ...Missing: Bangalore | Show results with:Bangalore
  48. [48]
    Diagnostics & Lab Tests Online - Mumbai - PharmEasy
    Book lab test & health checkup packages online with PharmEasy. Choose from certified diagnostic labs and enjoy benefits like home sample collection, ...Health Checkup · All Tests · Comprehensive Full Body... · CBC TestMissing: acquisition integration
  49. [49]
    How do I get the reports for my order? - PharmEasy
    You will receive a soft copy of the reports, as per the time mentioned in the App for the selected tests via email to the registered email id.Missing: Thyrocare acquisition integration
  50. [50]
    PharmEasy Success Story: 5 Insightful Lessons For Every ...
    May 19, 2025 · Dhaval Shah, PharmEasy transformed the way Indians access medicines, diagnostics, and telehealth—delivering convenience, affordability, and ...
  51. [51]
    Pharmeasy - Yield Yard
    2017: Secured $18 million in two rounds of Series B funding from Bessemer Venture Partners. 2018: Raised $77.23 million across two Series C funding rounds ...
  52. [52]
    How Much Did PharmEasy Raise? Funding & Key Investors | Clay
    Mar 24, 2025 · How Much Did PharmEasy Raise? Funding & Key Investors · Total amount raised. $1.7 Billion. Latest funding date. 4/1/2024 · Location · Title.
  53. [53]
    Series E - PharmEasy - 2021-04-07 - Crunchbase Funding Round ...
    PharmEasy raised $390000000 on 2021-04-07 in Series E.Missing: history | Show results with:history
  54. [54]
    Online pharmacy PharmEasy raises $216 million at a 90% cut in ...
    Apr 30, 2024 · CDPQ Private Equity, WSSS Investments, Goldman Sachs, and Evolution Debt Capital invested a total of Rs 400 crore. Entrackr also reports ...
  55. [55]
    PharmEasy Investor Marks Down Its Valuation To $456 Mn - Inc42
    Dec 27, 2024 · has plummeted to around $456 Mn, a drastic decline of 92% from its previous peak valuation of $5.6 Bn. ... 2021. PharmEasy's financial ...
  56. [56]
    PharmEasy valuation slashed to $458 Mn by Janus Henderson
    Sep 3, 2024 · PharmEasy has seen its valuation cut to $458 million. This is around a 92% valuation markdown from its peak of $5.6 billion in 2021.
  57. [57]
    PharmEasy still 92% below its peak $5.6B valuation, investor ...
    Sep 3, 2024 · Indian online pharmacy startup PharmEasy, once valued at a lofty $5.6 billion, is still about 92% below its peak valuation, according to new estimates by its ...
  58. [58]
    PharmEasy fails to raise Rs 1000 crore equity, breaches covenant ...
    Jun 1, 2023 · PharmEasy had borrowed Rs 2,280 crore, or $285 million, from Goldman Sachs in August last year to pay off an earlier debt it had incurred from ...
  59. [59]
    Goldman may convert part-debt into equity in PharmEasy
    Aug 30, 2023 · Goldman Sachs is likely to convert a part of the debt it advanced to PharmEasy into equity, following the upcoming rights issue of about $424 million.
  60. [60]
    PharmEasy halves loss to Rs 2,533 crore in FY24, revenue shrinks ...
    Nov 22, 2024 · This had led to a breach in its loan covenant terms with Goldman Sachs, from which it had borrowed Rs 3,500 crore to pay off an earlier debt ...
  61. [61]
    Pharmeasy's $1.6B raise and its tragic end - LinkedIn
    Jun 22, 2025 · Pharmeasy had raised a total $1.6 Billion at a peak valuation of $5.6 Billion. And now the company is pretty much done and the founders are out.
  62. [62]
    1mg overtakes PharmEasy in market share in top order change
    Nov 16, 2023 · Tata 1mg had a 31% market share in September 2023 against 19% in October 2022 while PharmEasy slipped to 15% from about 33% during the same period.
  63. [63]
    PharmEasy cuts losses by 51% to Rs 2,533 Cr in FY24, revenue ...
    Nov 21, 2024 · PharmEasy's EBITDA (loss) stood at Rs 552 crore in FY24 whereas its EBITDA margin and ROCE improved to -9.59% and -15.71%, respectively. On a ...Missing: FY2023 FY2024 flow
  64. [64]
    PharmEasy's FY24 Loss Halves To INR 2,531 Cr - Inc42
    Nov 22, 2024 · Sales Promotion & Marketing Expenses: PharmEasy trimmed its marketing expenditure by nearly 90% to INR 24.4 Cr in FY24 from INR 235 Cr in FY23.
  65. [65]
    PharmEasy halves loss to Rs 2533 crore in FY24, revenue dips 15%
    Nov 21, 2024 · Employee expenses decreased to Rs 699 crore from Rs 1,283 crore, indicating the cost optimisation undertaken by the firm. Tired of too many ads?
  66. [66]
    PharmEasy FY24 Financial Performance Report - UnlistedZone
    Sep 10, 2024 · PharmEasy's EBITDA before exceptional items and ESOP expenses improved significantly in FY24 to -INR 424.8 crore from -INR 797.3 crore in FY23.Missing: FY2024 flow
  67. [67]
    PharmEasy FY25 Loss Declines 40% To INR 1,517 Cr - Inc42
    Sep 8, 2025 · The PharmEasy-owned diagnostics laboratories chain's consolidated net profit rose 30.6% to INR 90.8 Cr in FY25 from INR 69.5 Cr in the year-ago ...
  68. [68]
    PharmEasy's Revenue Drops 15% YoY, Losses Down 51% In FY24
    Nov 21, 2024 · PharmEasy's revenue from operations fell by 14.8% to Rs 5,664 crore in FY24. · The company's total expenses dropped by 19.2% to Rs 7,254.8 crore ...
  69. [69]
    PharmEasy logs first ebitda profit of Rs 14 crore in April, restarts ...
    May 15, 2023 · Online pharmacy PharmEasy recorded a positive ebitda in April of around Rs 14 crore for the first time since inception with a net revenue of Rs 600 crore.Missing: Q4 | Show results with:Q4
  70. [70]
    Pharmeasy – Financial Information, Revenue, Profit/Loss, Expenses
    Sep 21, 2025 · Detailed report containing info about Business Model, year-wise ... A report and breakdown of the company's year-wise revenue streams.<|separator|>
  71. [71]
    FY25: Pharmeasy focuses on margins as revenues flatline | The Arc
    Sep 8, 2025 · Pharmeasy cut its valuation by over 80% to $900 million post-money from $5 billion at its peak.Missing: achievements controversies
  72. [72]
    https://canvasbusinessmodel.com/blogs/competitors/pharmeasy-competitive-landscape
  73. [73]
    Top e-pharmacy companies as of September 2023 - Times of India
    Nov 16, 2023 · 1mg ranked as the top e-pharmacy company with a 31% market share in September 2023. Apollo 247 3/6 Apollo 247 Apollo 247 ranked second on the list with a ...Missing: 24/7 | Show results with:24/7
  74. [74]
    E-pharmacy battle: Apollo targets No. 2 spot after cash injection
    May 8, 2024 · According to research firm RedSeer, Healthco's market share hovers at 18% as against PharmEasy's 28% (as of 2023) and Tata 1mg's over 30%. ...Missing: key | Show results with:key
  75. [75]
    Quick commerce to fill the prescription for pharmacy growth
    Dec 21, 2024 · ... over 1100 active players, is currently led by established names like Netmeds (Reliance Retail), Tata 1mg, PharmEasy, and Apollo Pharmacy.Missing: key | Show results with:key
  76. [76]
    India E Pharmacy Market By Size, Share & Forecast 2030F
    India E Pharmacy Market was valued at USD 394.09 million in 2024 and is anticipated to grow USD 801.34 million by 2030 with a CAGR of 12.62% during forecast ...
  77. [77]
    Indian E-Pharmacy Market Size & Share: Industry Report, 2022 - 2027
    The India E-Pharmacy market is projected to grow at a CAGR of 44.39% to reach US$5,467.390 million in 2024 from US$603.291 million in 2018. Today, e-commerce ...
  78. [78]
    India Retail Pharmacy Market Size, Share and Forecast 2032
    The India Retail Pharmacy Market is projected to grow from USD 22,696.01 million in 2024 to an estimated USD 37,891.46 million by 2032, with a compound annual ...
  79. [79]
    Indian pharmacy market: Trends and players | Ali Hasan posted on ...
    Jun 12, 2025 · Tata 1mg – 2015 📈 31% market share in 2025 2. PharmEasy – 2015 👇 Valuation dropped 92% but restructuring 3. Netmeds – 2010 💼 Backed by RelianceMissing: key | Show results with:key
  80. [80]
    Pharmeasy eyes IPO at $3 billion valuation, buys rival Medlife
    May 25, 2021 · Founded by Shah and Dharmil Sheth in 2015, Pharmeasy works with around 80,000 pharmacies currently and intends to expand that to 1,20,000 ...<|separator|>
  81. [81]
    Indian e-pharmacy startup PharmEasy raises USD 350 million ...
    Apr 7, 2021 · Mumbai-based API Holdings, which runs online medicine delivery startup PharmEasy, has raised USD 350 million from Prosus Ventures and US ...<|separator|>
  82. [82]
    E-pharmacies and Online Pharma Distribution Companies in India
    Jul 18, 2023 · From Amazon to Reliance, significant competitors have entered the battle to scale up, consolidate, and take a piece of the online pharmacy ...
  83. [83]
    https://www.emergenresearch.com/blog/top-10-companies-in-the-online-pharmacy-market
  84. [84]
    Pharmeasy to Further Strengthen its Operations and Scale Up its ...
    Jun 30, 2022 · In a strategic move, the company is set to extend its retail presence to tier II and III cities across India, with a target of opening 50 ...
  85. [85]
    [PDF] Digital Dispense: The Rise of E-Pharmacies and Their ... - TIJER
    PharmEasy: Market leader, aggregator-hybrid model; offers B2C and B2B fulfilment, diagnostics booking, teleconsultation, white-label supply for B2B clients, and ...<|separator|>
  86. [86]
    https://canvasbusinessmodel.com/blogs/target-market/pharmeasy-target-market
  87. [87]
    [PDF] Market Case Study - NextLeap
    PharmEasy's success comes from its early entry into the market and its smart aggregator model. ... Pan-India, strong Tier 2/3 support. Pan-India, very fast.
  88. [88]
    The Indian ePharmacy Market in 2025: A Deep Dive into ... - LinkedIn
    Mar 24, 2025 · By 2025, India's ePharmacy market could surpass ₹32,000 crore, growing at a 22% CAGR (Source: ResearchAndMarkets, 2023). · By 2030, it could ...Missing: rate | Show results with:rate
  89. [89]
    PharmEasy buys Medlife, to be no. 1 e-health entity - Times of India
    May 26, 2021 · The deal will result in Medlife ceasing operations and existing customers being able to access their details through PharmEasy app. Dhaval Shah, ...
  90. [90]
    PharmEasy acquires Medlife, becomes India's largest e-pharma ...
    May 26, 2021 · As Medlife discontinues operations, its users will move seamlessly to Pharmeasy, which will now serve 2 million households every month.<|control11|><|separator|>
  91. [91]
    PharmEasy Acquires Medlife; Becomes Largest Online Healthcare ...
    May 26, 2021 · “This acquisition significantly strengthens our position in the healthcare industry, and further helps us in providing quality healthcare to a ...Missing: employee job
  92. [92]
    Indian healthcare startup PharmEasy struggles to raise funds, lays ...
    May 3, 2023 · PharmEasy, an Indian drug and medical services platform, has laid off employees due to difficulties in raising funds amidst a slowdown. ... As per ...
  93. [93]
    PharmEasy Lays Off More Employees - Moneylife
    With the layoffs, PharmEasy joins a growing list of start-ups that have laid off employees as investment shrinks and mindless cash burn comes back to haunt them ...
  94. [94]
    [PDF] Press Release - Advertising Standards Council of India (ASCI)
    PharmEasy: The advertisement claim, “100% Genuine Medicines” was not substantiated with any verifiable supporting data such as a list of registered FDA ...
  95. [95]
    https://afaqs.com/news/advertising/55342_asci-upheld-complaints-against-114-advertisements-out-of-206-in-april-2019
  96. [96]
    ASCI upheld complaints against 114 advertisements out of 206
    Jun 26, 2019 · In one instance, '100% Genuine Medicines' (PharmEasy) claim by an online pharmacy was not substantiated with any verifiable supporting data ...
  97. [97]
    ASCI upholds complaints against a total of 114 ads
    The ASCI said the advertisement claim by PharmEasy's advertisement claim “100% Genuine Medicines” was not substantiated with any verifiable supporting data.
  98. [98]
    CAIT alleges violation of Drugs & Cosmetics Act by e-pharmacies
    Mar 20, 2021 · Trader's body CAIT has written to the government alleging violation of the Drugs & Cosmetics Act by sale of pharmacy through e-commerce channels.
  99. [99]
    (Saturday Deep Dive) - Downfall of PharmEasy - Startup Chai
    Oct 12, 2024 · They implemented cost-cutting measures, including layoffs and reduced marketing expenditure, to conserve cash. The company also sought to ...
  100. [100]
    What went wrong at PharmEasy and can it find a cure? - Forbes India
    Jul 11, 2023 · The online drugs and medical services startup is reportedly raising Rs 2400 crore in fresh funds at a 90 percent markdown to it previous ...Missing: achievements | Show results with:achievements
  101. [101]
    PharmEasy Breaches Goldman Sachs Loan Covenant Of Raising ...
    Jun 1, 2023 · ... Management · D2CX Foundations · D2CX Foundations by Inc42 is a 6 week ... Financial Insights. Sector. Health Tech. Founding Year. 2015 ...
  102. [102]
    PharmEasy's ₹5,000 Crore Blunder: A Cautionary Tale for Aspiring ...
    May 2, 2025 · Post-IPO withdrawal, PharmEasy's valuation plummeted from $5.6 billion to $500 million-a 91% drop. ... As of April 2025, PharmEasy is ...Missing: achievements controversies
  103. [103]
    PharmEasy CEO Siddharth Shah Steps Down, Rahul Guha of ...
    Aug 7, 2025 · PharmEasy co-founder and CEO Siddharth Shah has resigned from his executive responsibilities, transitioning to the role of vice‑chairman at ...
  104. [104]
    PharmEasy Shakes Up Leadership: Co-Founders Exit Daily Roles ...
    Jan 24, 2025 · PharmEasy Shakes Up Leadership: Co-Founders Exit Daily Roles Amid Financial Restructuring By eHealth Network - 24 January 2025. Share ...Missing: scrutiny | Show results with:scrutiny
  105. [105]
    Indian online pharmacy PharmEasy co-founders exit amid challenges
    Jan 21, 2025 · The departure comes as the Mumbai-based startup faces challenges. PharmEasy's revenue declined by 15% to US$660 million in FY24, though losses ...