IPO-Bound Healthtech Startup PharmEasy Appoints 5 Independent Directors

IPO-Bound Healthtech Startup PharmEasy Appoints 5 Independent Directors

SUMMARY

PharmEasy has appointed Vineeta Rai, Subramanian Somasundaram, Dr Jaydeep Tank, Ramakant Sharma and Deepak Vaidya, taking the total board members to 12

PharmEasy entered the unicorn club in April by raising $323 Mn in a Series E round led by Prosus Ventures and TPG Growth at a $1.2 Bn valuation

Earlier, IPO-bound ixigo and Mobikwik had appointed six and four independent directors, respectively

Ahead of its planned initial public offering (IPO), API Holdings, the parent company of one of the largest healthtech startups PharmEasy, has appointed five independent directors to its board. The startup said in a statement that at present, it has a total of 12 board members including the newly-appointed five independent directors. 

PharmEasy was one among the six startups that entered the unicorn club in the second week of April this year along with Cred, Groww, Meesho, ShareChat and Gupshup. The startup raised $323 Mn in a Series E funding round from Prosus Ventures and TPG Growth at a valuation of $1.5 Bn to become the first Indian epharmacy startup to enter the unicorn club. 

Who Are The New Appointees?

The startup has appointed Vineeta Rai, Subramanian Somasundaram, Dr Jaydeep Tank, Ramakant Sharma and Deepak Vaidya.

Rai is a former IAS officer, who was also a fellow in public administration at Queen Elizabeth House, the University of Oxford. She has earlier been associated with the Ministry of Health and Family Welfare, Ministry of Finance, United Nations and has also worked with various state administrations and public sector undertakings. She retired as the revenue secretary of the government of India. 

Sharma is the founder and chief operating officer of home interiors and renovation platform, Livspace. An IIT Kanpur and ISB Hyderabad alumni, prior to founding Livspace, Sharma was an operating partner at Jungle Ventures and a core team member and vice president of Myntra. Sharma is also a seed investor and has made around 46 investments across software, ecommerce, logistics and other segments.  

Dr Tank holds a MD and MBBS degree and specialises in gynecology and obstetrics. He is the secretary general of The Federation of Obstetric and Gynaecological Societies of India. He is also a member of several bodies of the Indian government.

Subramanian is a chartered accountant and a cost accountant with over 35 years of experience. Until July this year, he was the chief financial officer (CFO) and head of IT of major watchmaker, Titan. Prior to joining Titan, he was in the telecom industry working with BPL Mobile Group as CFO and was later elevated to the CEO position. He has also worked with Essar Group, ITC Group, AF Ferguson & Co, VST Industries and Mannai Group. 

Vaidya has invested and mentored several companies and is also an active board member of multiple companies. Vaidya is the non-executive chairman of Spandan Sphoorty and also a board member of Unit Trust of India Private Equity. He is also on board of Strides Pharmaceuticals and Sequent Scientific, among others. 

The Road to Unicorn

As per media reports, PharmEasy is likely to raise $1 Bn through the public market. Founded by Hardik Dedhia, Harsh Parekh, Dharmil Sheth, Dhaval Shah and Siddharth Shah, API Holdings operates PharmEasy, RetailIO, DocOn and has presence and delivers in more than 19,000 zip codes. The startup’s latest addition to its list of portfolios was Thyrocare in June this year. API Holdings acquired a 66.1% in diagnostics chain Thyrocare for INR 4,546 Cr. The startup is backed by marquee investors like Temasek, InnoVen Capital, Bessemer Venture Partners, and others. 

Appointment of independent directors is a standard procedure for a startup before it files a draft red herring prospectus (DRHP). Earlier this year, Le Travenues, the parent company of ixigo, appointed six independent directors before its INR 1,600 Cr IPO. Gurugram-based digital payment platform Mobikwik appointed four independent directors  for its INR 1,900 Cr IPO.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

IPO-Bound Healthtech Startup PharmEasy Appoints 5 Independent Directors-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

IPO-Bound Healthtech Startup PharmEasy Appoints 5 Independent Directors-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

IPO-Bound Healthtech Startup PharmEasy Appoints 5 Independent Directors-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

IPO-Bound Healthtech Startup PharmEasy Appoints 5 Independent Directors-Inc42 Media
IPO-Bound Healthtech Startup PharmEasy Appoints 5 Independent Directors-Inc42 Media
You’re in Good company