There are multiple reasons behind the fall in the share price of Pharmeasy in the unlisted space.
a) Tech Sell-Off
All the new age technology startups like CarTrade, Paytm, Nykaa, PolicyBazaar, Zomato etc. which recently got listed in the stock market, raised massive funding from their IPOs but now their shares are being traded with 20-50% percent discount to their issue price. The fall in Indian technology companies is driven by the sell-off seen in the technology and growth stock in the USA markets. Therefore, it has affected the unlisted shares companies as well.
b) Demand and Supply
Price of Pharmeasy is going down continuously because ESOPs holders are selling the shares in the market as the IPO might be delayed. And demand is less, as relentless selling is happening in the listed market. Everyone is afraid of investment. So, on one side continuous selling is coming and on the other hand, demand is less. The combination of two is the main reason for fall.
Pharmeasy recently raised 2700 Crores in Debt from Morgan Stanley to pay off debt which was due.
There is news in the market that Pharmeasy is looking to raise funds from Equity as well as the valuation of the last funding round. Last funding was $4.79 billion.