US investment firm Neuberger Berman has cut the valuation of its stake in both Api Holdings Limited, the parent company of Pharmeasy, and fintech giant Pine Labs.

PharmEasy and Pine Labs follow the likes of Ola, BYJU’S, Oyo, and Swiggy whose investors have also recently written down their valuations.

As of February 28, 2023, Neuberger Berman cut the valuation of Pine Labs to $3.1 billion from $5 billion, and PharmEasy’s to $4.4 billion from $5.6 billion (almost a 21% decline), as per a regulatory filing with the Securities and Exchanges Commission in the US.

Pine Labs was last valued at over $5 billion after it closed a $150 million funding round from Alpha Wave Global, while PharmEasy was valued at $5.6 billion in its latest round where it raised $350 million in a pre-IPO fundraise.

In a regulatory filing in November last year, API Holdings said it intended to withdraw its draft red herring prospectus (DRHP) due to volatile market conditions.

Invesco, which recently devalued its stake in Swiggy, maintained Pine Labs’ valuation.

Temasek-backed PharmEasy has been struggling to raise funds despite cutting its workforce by around 40%, according to a DealStreetAsia report.

However, a Mint report, citing two people familiar with the matter, said PharmEasy has been turning things around for itself and became cash flow positive in April.

YourStory was unable to independently verify these reports.

Investors which recently cut valuations on Indian startups include the likes of Vanguard, SoftBank, Blackrock, and Invesco, among others.

API Holdings Ltd, the parent company of Pharmeasy, reported a net loss of Rs 3,992 crore for FY22 against Rs 641 crore in FY21 (2020-21), as per RoC filings with the Ministry of Corporate Affairs.