PharmEasy Undergoes Leadership Shift as Three Co-Founders Step Down from Active Roles Despite the change in leadership, the three stepping down will remain involved with the firm as board members or observers, aligning their shareholding for the long term.
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PharmEasy, the Bengaluru-based online pharmacy company, is undergoing a major transition with three of its co-founders—Dharmil Sheth, Dhaval Shah, and Hardik Dedhia—stepping back from active executive roles. Siddharth Shah, the fourth co-founder, will continue to lead the company.
Despite the change in leadership, the three stepping down will remain involved with the firm as board members or observers, aligning their shareholding for the long term.
This shift has been in the works for several quarters, according to the company, which added that the new leadership team has successfully achieved operational cash flow break-even while managing responsibilities effectively. The co-founders shared in a statement that they are venturing into a new project in the consumer space, backed by the same reputed VCs who supported PharmEasy.
PharmEasy has raised around USD 1.1 billion from investors such as Ranjan Pai's MEMG, Prosus, and Temasek. However, in 2024, the company faced challenges, including a down round that saw its valuation drop to USD 710 million. In September, global asset management firm Janus Henderson reduced its valuation by 91.8% to USD 458 million.
As PharmEasy strives to relaunch its IPO, the company continues to navigate through a decline in revenue, reporting a 14.8% drop to INR 5,664 crore in FY24. However, cost-cutting measures helped reduce its losses by 51.4% to INR 2,533.5 crore.
