PharmEasy, an online pharmacy and health tech platform, reported a net loss of Rs 3,992 crore for FY22, which is comparatively more than the Rs 641 crore loss incurred in FY21 (2020-2021). These numbers are according to the RoC filings by the company with the Ministry of Corporate Affairs.
The company also recently withdrew its initial public offering (IPO) due to “market conditions and strategic considerations” and witnessed a huge loss for FY22 as its employee benefit expenses surged more than five times during the year.
The regulatory filings showed that employee benefits costs surged to Rs 1,459 crore in FY22, which almost accounted for nearly a sixth of the company’s expenses, from Rs 270 crore in FY21. However, excluding exceptional items or one-time losses on impairment of goodwill, the e-pharmacy unicorn reported a loss of Rs 2,731 crore during the year, as per the filings.
PharmEasy’s total revenue has more than doubled to Rs 5,729 crore in FY22, citing a 2.5-fold rise in its operating income from Rs 2,335 crore a year earlier. In FY22, the company recorded operating revenue of Rs 5,781.
Dharmil Sheth and Dhaval Shah founded the online pharmacy platform in 2015 in Mumbai, with initial funding provided by parent company API Holdings.