PharmEasy's ₹4,546 crore Thyrocare acquisition failed because it was financed with ₹2,280 crore of 18% debt, a structure entirely dependent on a quick IPO for refinancing. When the IPO was withdrawn, interest costs overwhelmed cash flows, losses surged, valuation crashed, founders exited, and Thyrocare, its only profitable unit, was pledged as collateral, exposing a fatal capital-cycle mismatch.