
The Healthtech IPO Wave: PharmEasy, HealthKart, and Lybrate Are All Filing to Go Public—Inside the ₹15,000 Crore Pipeline That's Finally Proving Digital Healthcare Can Make Money
In the winter of 2022, PharmEasy was in trouble. The online pharmacy and diagnostics platform, which had raised over $1.5 billion from investors including TPG, Prosus, and Temasek, had borrowed heavily to finance the acquisition of its largest competitor, Medlife, and then again to acquire the diagnostic chain Thyrocare. The debt was substantial—approximately $300 million—and the company's path to repaying it was uncertain. The IPO that PharmEasy had filed for in 2021 had been withdrawn, a casualty of the market's post‑pandemic repricing of technology stocks. The company's valuation, which had peaked at over $5 billion, was being marked down by its own investors. The financial press was writing its obituary. The narrative was familiar: another Indian startup that had raised too much, spent too fast, and was now facing the consequences.








