BENGALURU: Healthtech startup FarmEasy on Monday took a back seat from day-to-day operations as co-founders Dalmil Sheth, Dhaval Shah and Hardik Dedia plan to enter the consumer space. He said it is expected to become.
“The reputable venture capital firms that have supported us at PharmEasy are backing us once again,” the co-founders said in a statement, adding that the operational handover has been in the works for more than a year. Ta.
“We are pleased that our company was in great shape to break even on operating cash flow last quarter, and we have several great leaders who are juggling their day-to-day responsibilities,” they said. . Both will continue to hold shares in the company and serve on the board of directors. Positions at Cyrocare and API Holdings.
However, the last co-founder, Siddharth Shah, will continue to serve as the company’s managing director and CEO. The company said he will lead the group with a fully professional management team, despite other members expressing a desire to reduce their active involvement in day-to-day management responsibilities. It is said that it will happen.
“We have been working on this transition for several quarters, and we are pleased that our new team has achieved breakeven operating cash flow and continues to juggle all responsibilities,” PharmEasy said.
Decline in valuation
In recent years, the company’s valuation has been significantly reduced from its 2021 valuation of $5.6 billion. PharmEasy counts Temasek, TPG, Prosus, B Capital, GSV and Think Investments as backers.
Last year, the company raised $216 million in a funding round led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) and existing investors, valuing it at $710 million, Entrackr reports. It became a dollar.
Founded in 2015, this omnichannel pharmacy retailer sells pharmaceuticals, diagnostics, and telemedicine. Users can also order prescription drugs, over-the-counter medications, and other healthcare products.
In FY24, the company reported revenue from the following businesses: INRFrom 566.4 billion INRIn the same period last year, it was $6.644 billion. That loss has shrunk to INR2,533.5 million compared to INR5,211.7 million in FY23, according to a report by Entrackr.
