Earlier this week, the Competition Commission of India (CCI) cleared Manipal group chief Ranjan Pai's investment in online pharmacy PharmEasy. So far Pharmeasy, once the highest-valued Indian healthcare startup, has raised Rs 3,500 crore through a rights issue. But it raised this money at a 90 per cent discount to its peak valuation.

From $5.6 billion to $500 million!

All because it had to take another debt to pay off its previous debt. The second time though, interest rates were not zero.

What’s happened?

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