PharmEasy, the Indian online pharmacy, faces a stark valuation drop to approximately $456 million, as revealed by its investor Janus Henderson's recent filing. This marks a dramatic 92% decrease from its peak valuation of $5.6 billion. Despite raising over $200 million in fresh capital and planning for an IPO next year, the company has struggled with significant debt and a failed $843 million IPO in 2021. The startup has raised over $1 billion to date but continues to grapple with its financial challenges, including a problematic $300 million loan from Goldman Sachs.