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Medikabazaar appoints Dinesh Lodha as group CEO

EntrackrEntrackr ยท 10m ago
Medikabazaar appoints Dinesh Lodha as group CEO
Medial

B2B medical supply chain platform Medikabazaar has appointed Dinesh Lodha as its new Group chief executive officer (CEO). With over two decades of experience in the medtech industry and a career marked by leadership roles across various sectors, Lodha brings a wealth of expertise to Medikabazaar. Before joining Medikabazaar, Lodha managed large B2B and B2C operations in FMCG and healthcare sectors. He has worked with multinational, private equity-led businesses and large publicly listed Indian companies. Founded by Vivek Tiwari and Ketan Malkan, nine-year-old Medikabazaar enables hospitals and medical establishments to discover supplies, compare specifications and prices in real-time. The product on the B2B platform includes hospital devices, materials, medical consumables, and dental tools among others. The platform offers over 4 lakh products and serves over 10,000 medical centres and over 30,000 independent doctors and clinics. It has a B2B marketplace, an AI-ML-powered SaaS solution, a medical financing solution, full stack procurement model for large hospitals, and an asset management platform for equipment business. In April 2022, Medikabazaar had scooped up $65 in a new funding round led by Lighthouse India Fund III and others at a valuation of $700 million. According to data intelligence platform, The Kredible, the operating gross revenue for the Mumbai-based company grew 2.74X to Rs 1,552.53 crore in FY22 from Rs 564.7 crore in FY21.

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Medikabazaar rebounds with Rs 1,355 Cr gross revenue in FY24

EntrackrEntrackr ยท 1m ago
Medikabazaar rebounds with Rs 1,355 Cr gross revenue in FY24
Medial

B2B medical supply platform Medikabazaar reported a 50% jump in gross revenue to Rs 1,355 crore in FY24, rebounding from a 41% drop in FY23. However, losses widened 30% to Rs 394.8 crore. Medikabazaarโ€™s operating gross revenue grew to Rs 1,355.6 crore in FY24 from Rs 908.5 crore during the previous fiscal year, according to its consolidated financial statements filed with the Registrar of Companies. Medikabazaar is a B2B medical supply chain platform that enables hospitals to discover medical supplies and compare specifications and prices in real-time. Its product range includes hospital equipment, diagnostic devices, consumables, and dental tools. In FY24, 98% of the companyโ€™s revenue, Rs 1,328.6 crore, came from the sale of these products. The Mumbai-based company also earned Rs 51.3 crore from interest on fixed deposits, non-current investments, and bonds, taking its total revenue to Rs 1,407 crore in the fiscal year ending March 2024. Procurement of supplies and equipment was the largest cost center for the company, accounting for 79% of its total expenses. With the increase in scale, this cost rose by 43% to Rs 1,279 crore in FY24. Employee benefit expenses rose nearly 40% year-on-year to Rs 140 crore. The company also booked a non-cash expense of Rs 66.5 crore towards doubtful debts and advances, likely reflecting delayed or potentially unrecoverable payments for supplies sold on credit. Legal and professional fees, transportation, travel expenses, and other overheads drove the companyโ€™s total expenditure to Rs 1,621 crore in FY24, a 44% increase from Rs 1,126.5 crore in FY23. With expenses and total revenue growing at a similar pace, the companyโ€™s losses rose 30% to Rs 394.5 crore from Rs 303.4 crore. These losses include exceptional items totaling Rs 178.65 crore, covering allowance for doubtful debts and advances, inventory provisions, write-offs of balances, and unclassified expenses of Rs 88.6 crore. At the unit level, it spent Rs 1.2 to earn a rupee of operating revenue. By the end of FY24, Medikabazaarโ€™s total current assets stood at Rs 1,176.56 crore, including cash and bank balances of Rs 62.76 crore. According to the startup data intelligence platform TheKredible, Medikabazaar raised over $160 million across multiple funding rounds, including a $65 million Series D round raised in April 2022 at a $700 million valuation. In April, Medikabazaar removed former CEO Vivek Tiwari over allegations of malicious and fraudulent activities. Dinesh Kumar Lodha has been serving as the companyโ€™s Group CEO since August last year.

Angel One appoints former Google Pay VP Ambarish Kenghe as Group CEO

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Angel One appoints former Google Pay VP Ambarish Kenghe as Group CEO
Medial

Angel One appoints former Google Pay VP Ambarish Kenghe as Group CEO Mumbai-based stockbroking firm Angel One has announced the appointment of Ambarish Kenghe as Group Chief Executive Officer. Kenghe will assume his role as CEO in March 2025. Previously, as Vice President and General Manager at Google Pay APAC, Kenghe was instrumental in scaling Google Pay's footprint and advancing the UPI ecosystem in India. He also played a pivotal role in the launch of Chromecast and contributed significantly to the development of Google TV. Before Google, he served as Chief Product Officer at Myntra, spearheading AI/ML-powered innovations that redefined the fashion e-commerce landscape. "With his proven track record of driving innovation and deep expertise in the industry, he is the visionary leader we need to propel us into our next chapter of growth,โ€ said Dinesh Thakkar, Chairman and Managing Director of Angel One. Angel One is the third-largest stockbroking platform in India, behind Groww and Zerodha. The company has 7.75 million active clients and controls a 15.67% market share in the stockbroking space. Its revenue from operations jumped 19.2% to Rs 1,262.2 crore in the December quarter, compared to Rs 1,059 crore in the same period of the previous financial year, with profits surging 8.1% to Rs 281.4 crore.

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