Dharmil Sheth, Dhaval Shah, Hardik Dedhia and Harsh Parekh have stepped down from their executive roles at PharmEasy
Sheth, Shah and Dedhia are set to launch a new venture in the consumer space, while the future plans of Parekh are not clear yet
The fifth cofounder, Siddharth Shah, will continue in his role as the MD and CEO of PharmEasy
Four cofounders of online pharmacy PharmEasy – Dharmil Sheth, Dhaval Shah, Hardik Dedhia and Harsh Parekh – have stepped down from their executive roles at the startup.
While Sheth, Shah and Dedhia have decided to start a new venture together, Parekh’s future plans are not clear yet. The fifth cofounder, Siddharth Shah, will continue in his role as the MD and CEO.
The development was first reported by Bussiness.
Founded in 2015, PharmEasy is an online marketplace for medicines. It also provides diagnostic services.
Siddharth told Inc42 that the four cofounders will not participate in the day-to-day operations but will continue to be a part of the startup’s board.
“The four founders continue to be members and observers on the board but they have expressed their wish to reduce their involvement in active day-to-day executive responsibilities,” he said.
In a statement shared with Inc42 on behalf of Sheth, Dhaval Shah and Dedhia, Sheth said, “This day to day operational handover has always been in the works for more than a year now. Some great leaders have now taken over our day to day responsibilities.”
“Our commitment still remains intact in the business and the vision, and we continue to hold shares for the long run and value creation,” the cofounders added.
They also shared that they will launch a new venture in the consumer space, and “reputed investors”, who have backed PharmEasy, are going to support it.
Talking about the startup’s current financial health, Siddarth said that it has become cash flow positive.
It is pertinent to note that PharmEasy saw a big valuation cut and also lost its unicorn status in April 2024 when it raised INR 1,804 Cr ($209 Mn) in a down round led by the family office of Manipal Group chairman Ranjan Pai. The funds were raised at a 90% valuation cut compared to the startup’s peak valuation of $5.6 Bn in October 2021.
Meanwhile, Inc42 has also learnt that PharmEasy is exploring an IPO in the next 12 months.
The Mumbai-based startup halved its consolidated loss to INR 2,531.1 Cr in the financial year 2023-24 (FY24) from INR 5,202.5 Cr in FY23 on the back of a decline in its expenses and exceptional items.
It managed to cut its total expenditure by 19.16% to INR 7,254.8 Cr in FY24 from INR 8,974 Cr in FY23.
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