PharmEasy co-founders to step back to venture into consumer space

livemint.com:

Subscribe to enjoy similar stories. Bengaluru: Healthtech startup PharmEasy on Monday said its co-founders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia are expected to take a back seat from the day-to-day operations of the company as they plan to venture into the consumer space. “Reputed VC’s who have backed us at PharmEasy, are backing us again," the co-founders said in a statement.

They added that the operational handover has been in the works for more than a year. “We are glad company is in great shape with operational cash flow break even in the last quarter and some great leaders have now handled our day to day responsibilities well," they said. They will continue to hold shares in the company and will hold board positions in thyrocare & API Holdings.

Siddharth Shah, the last of the co-founders, will, however, continue to be the managing director and chief executive officer of the company. He will lead the group with a full professional management in place, the company said, even as the others have expressed their wish to reduce their involvement in active day to day executive responsibilities. “This transition has been in the work for a few quarters and we are delighted the new team has achieved operational cash flow break-even & continues to handle all the responsibilities well," PharmEasy said.

In recent years, the company has taken a major mark-down in valuations from the $5.6 billion it commanded in 2021. PharmEasy counts Temasek, TPG, Prosus, B Capital, GSV and Think Investments among its backers. Last year, the company raised $216 million in a funding round led by Ranjan Pai's Manipal Education and Medical Group (MEMG) and existing investors at a valuation of $710 million, according to an Entrackr report.