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PharmEasy Co-founders to Quit After Startup Loses Valuation to $456 Mn

PharmEasy co-founders Dharmil Sheth, Dhaval Shah, Harsh Parekh and Hardik Dedhia will quit the company after it loses its valuation to $456 Million.

By Ishita Ganguly
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PharmEasy

Co-founders leaving online pharmacy startup PharmEasy

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Indian e-pharmacy leader PharmEasy is in a bit of turmoil. According to recent reports by Moneycontrol, the co-founders Dharmil Sheth, Dhaval Shah, Harsh Parekh and Hardik Dedhia will quit the company.

Notably, the online medicine delivery startup started in 2015 and merged with Ascent Health, one of the biggest offline pharmaceutical distribution companies to form API Holdings in 2020.

Also read: Narayana Murthy Family Wealth Falls by Rs 1,850 Cr in Minutes as Infosys Stock Plunges (startuppedia.in)

Co-founders leaving online pharmacy startup PharmEasy 

In about four years after the merger, most of the co-founders are leaving the startup. As per the reports, the only co-founder Siddharth Shah would continue to be associated with the company.

“The transition of Dharmil, Dhaval, Harsh and Hardik has been in the works since around the time PharmEasy raised its last round in April 2024. Siddharth will remain and lead the company as CEO,” a company representative told Moneycontrol.

Reportedly, when the Mumbai-based pharma startup raised $216 million in April 2024 from Ranjan Pai's Manipal Education and Medical Group (MEMG) and other investors such as Temasek, Prosus, and 360 One, it saw its valuation decline sharply by around 90 per cent.

The company valued at $5.6 billion during its peak in 2021, saw its valuation slashed to around $700 million in April 2024 when it raised money. According to the global asset farm Janus Henderson, an investor in the pharmacy startup, the valuation of PharmEasy is $458 million now, a haircut of 92 per cent. It is less than half the capital the company has raised.

Since its inception, the company has raised over $1 billion from Think Investments, TPG, B Capital, Abu Dhabi-based ADQ and several others.

Also read: 'Never Let A Crisis Go To Waste': Myntra's Mukesh Bansal Shares Why A Startup Founder Should Not ‘Live In Denial’ (startuppedia.in)

Tags: #Startup