PharmEasy Founder Siddharth Shah Steps Down As CEO

SUMMARY

Siddharth Shah will assume the roles of director and vice chairman at PharmEasy’s parent entity, API Holdings

Thyrocare’s managing director and chief executive Rahul Guha will succeed Shah as PharmEasy CEO, effective August 21

Notably, other PharmEasy cofounders Dharmil Sheth, Dhaval Shah and Hardik Dedhia stepped down in January to start a new venture All Home

PharmEasy founder Siddharth Shah has stepped down as the chief executive officer of the company. He will assume the roles of director and vice chairman at PharmEasy’s parent entity, API Holdings.

Thyrocare’s managing director and chief executive Rahul Guha will succeed Shah as PharmEasy CEO, effective August 21. In 2021, API Holdings acquired a 66.1% stake in Thyrocare for INR 4,546 Cr.

Thyrocare said in a statement that the decision was made on the recommendation of the nomination and remuneration committee of API Holdings and was subsequently approved by its board.

According to his LinkedIn profile, Shah has been the chief executive of API Holdings since 2020. Besides, he also cofounded a host of healthcare ventures – Ascent Health and Dial Healthcare. Shah started his career as an analyst with Goldman Sachs in 2011.

Shah was the only remaining founder of PharmEasy, while the rest of the cofounders Dharmil Sheth, Dhaval Shah and Hardik Dedhia stepped down in January to start an architectural and interior design startup called All Home. The startup raised an undisclosed capital from Bessemer Venture Partners at a valuation of $120 Mn in June.

Founded in 2015, PharmEasy is an online marketplace for medicines. It also provides diagnostic services.

On the financial side, the Mumbai-based startup halved its consolidated loss to INR 2,531.1 Cr in the financial year 2023-24 (FY24) from INR 5,202.5 Cr in FY23 on the back of a decline in its expenses and exceptional items. It managed to cut its total expenditure by 19.16% to INR 7,254.8 Cr in FY24 from INR 8,974 Cr in FY23.

Meanwhile, Guha’s journey with Thyrocare began in 2022 as the managing director and chief executive. Prior to that, he worked with Boston Consulting Group for nearly two decades, under various leadership roles. Additionally, he has also worked with Tata Consultancy Services as well as Valuepay.com in his early days of career, holding an overall experience of around 27 years.