According to The Economic Times, General Atlantic (GA), Canada Pension Plan Investment Board (CPPIB) and Abu Dhabi Investment Authority (ADIA) are considering investing around $250 million in PharmEasy‘s parent company.

General Atlantic is a growth equity firm, CPPIB is a Canadian company investing in funds funded and held by Canada Pension Plan, and ADIA is an Abu Dhabi-owned sovereign wealth fund.

India’s largest online pharmacy PharmEasy has fallen to nearly half its pre-IPO valuation of $5.4 billion in October 2021, at $25-2.75 billion. The IPO exited nearly a month ago.

Existing investors TPG Growth, Prosus Ventures, Temasek and ADQ will invest about $70 million to $80 million in the latest round via the convertible, people familiar with the matter told ET. Morgan Stanley and Bank of America were advisers on the fundraising.

In May, General Atlantic planned to invest $2 billion in India and Southeast Asia over the next two years, as falling valuations make startups in the region more attractive.