PharmEasy Names Yatharth Bhargova As Its New CFO

India’s major health industry player, PharmEasy, has appointed Yatharth Bhargova as its CFO. This move came after their previous CFO Abhinav Jain Bhargova, stepped down from his position after seven years and Yatharth was hired to take over.

Why was this move needed?

Being India’s first pharma-based unicorn, Pharmeasy grew from $1.5 billion to $5.6 billion valuation in just 12 months. At that point, it raised a lot of funds and went on an acquisition spree, with hopes of expanding strategically.

CompanyIndustry segmentAcquisition Value
ThyrocareDiagnosticsRs. 4895 cr. ($600 mil.)
AknamedMedicine supplyRs. 700 cr. ($85 mil.)
Marg ERPSoftwareRs. 255 cr. ($31 mil.)

They paid all Rs.5850 crores in cash. And the buyout of their rival, Medlife was exchanged in shares.

Instead of raising more equity to fund these acquisitions, they raised debt at a 9-12.5% interest rate from different companies like JM Financial Products, Infina Finance, Hero Fin Corp, and others.

PharmEasy faced a lot of challenges in repaying this loan. As the repayment date got closer,  they attempted to raise equity through an IPO in late 2021. However, they had to cancel their IPO due to recessionary market conditions in 2022. 

Despite this setback, they secured a structured debt deal from Goldman Sachs that could settle the previous loan. But, this came with a higher interest rate of 17-18% which was almost double their previous interest payments. So, it made it extremely necessary for them to settle the new debt as soon as possible.

To do so, they were actively seeking capital through equity. Finally, in July 2023, they successfully raised Rs. 3500 crores through rights issues. 

However, the funding came at a cost, as PharmEasy had to accept a 90% valuation cut. In this unprecedented move, the company became India’s first large unicorn in the current market conditions to undergo a down round. Their valuation dropped from $5.5 billion to approximately $500-750 million.

Who is Yatharth Bhargova, and how will this move help PharmEasy?

Earlier, other large firms like Ola and Flipkart also took the down rounds. But their valuations recovered. So, if the finance is restructured and managed, PharmEasy should recover as well. But this would require some bold decisions and clearing the debt from Goldman Sachs as soon as possible.

In such a situation, hiring Yatharth could bring some fresh perspective to the business. Before joining PharmEasy, Yatharth was the CEO and CFO of OLX Indonesia’s Autos business. He also headed the finance department at 1mg and Healthkart. This shows, that he has the proper background to handle the finance department of this unicorn.

Should you invest in PharmEasy’s unlisted shares?

PharmEasy had breached the terms of the loan by Goldman Sachs in the first year itself. As per the terms, it had to raise around $120 million or Rs. 1000 crores in equity. But it failed to do so.

Ever since they withdrew their IPO papers in 2022, the company has constantly looked to raise more capital. Their recent rights issue of Rs. 3500 crores was oversubscribed, hinting at a positive sign for all the investors.

But on the other hand, as PharmEasy’s revenue from operations grew from Rs. 2235 crores in FY’21, to Rs. 5729 crores in FY’22, its YoY losses increased by 4 times to Rs. 2731 crores.

Now that there is a change in management and equity raised from shareholders, it will be interesting to see how this plays out for them. So, if you are looking to invest in PharmEasy shares then check out Stockify

Stockify is India’s one of the most trusted platforms through which you can purchase unlisted and pre-IPO shares of multiple companies. Check it out to find PharmEasy share price today!



Table of Contents

PharmEasy appointed Yatharth Bhargova as its CFO after the resignation of Abhinav Jain, aiming to navigate financial challenges and restructure operations. As India’s first pharma-based unicorn, PharmEasy faced significant growth, reaching a valuation of $5.6 billion within 12 months, fueled by acquisitions and strategic expansion. Yatharth Bhargova, with a background as CEO and CFO of OLX Indonesia’s Autos business, brings financial expertise to PharmEasy, potentially aiding in debt management and restructuring.


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