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Bengaluru-based online pharmacy company PharmEasy is going through a big change as three co-founders—Dharmil Sheth, Dhaval Shah and Hardik Dedhia—have stepped back from the company.
The fourth co-founder, Siddharth Shah will stay on to lead the company.
According to a company statement, the three co-founders will still be part of the group, keep their shares long-term and remain board members or observers. However, they want to step back from daily executive duties.
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The company said this change has been planned for several months. The new leadership team has successfully reached operational cash flow break-even and managed their responsibilities well.
The co-founders also shared in a statement that they are starting a new project in the consumer space, supported by the same well-known VCs that backed PharmEasy.
Future Plans
The leadership change comes as PharmEasy is working to restart its plans for an initial public offering (IPO). The company initially filed for an IPO in November 2021 but withdrew it later due to tough market conditions.
With the new leadership under Siddharth Shah, PharmEasy aims to stabilize its operations, rebuild market confidence and get ready for a future public listing.
PharmEasy has raised about $1.1 billion from investors like Ranjan Pai’s MEMG, Prosus, and Temasek. In April 2024, it raised $216 million in a down round, valuing the company at around $710 million after the investment.
Recently, global asset manager Janus Henderson lowered PharmEasy’s valuation by 91.8% to about $458 million. Despite these challenges, the company says it has reached operational cash flow break-even and reduced its losses.
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