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PharmEasy’s CEO Siddharth Shah steps down; Thyrocare chief Rahul Guha to take over

EntrackrEntrackr · 1d ago
PharmEasy’s CEO Siddharth Shah steps down; Thyrocare chief Rahul Guha to take over
Medial

Siddharth Shah, cofounder and current MD and CEO of API Holdings, the parent company of PharmEasy and Thyrocare, is stepping down from his executive role. He will take on the role of Vice Chairman and Director of the company effective August 27, 2025. Rahul Guha, who currently serves as the MD and CEO of Thyrocare, will take over as the new MD and CEO of API Holdings. The announcement was made through regulatory filings by Thyrocare on Wednesday and is part of a wider leadership transition within the group. Guha will continue to lead Thyrocare alongside his new responsibilities at API. Before this appointment, Guha held the position of President of Operations at API, where he was responsible for overseeing integration and coordination across the group companies. For background, PharmEasy had acquired a majority stake (66.1%) in Thyrocare for Rs 4,546 crore in June 2021. Guha’s appointment reflects API’s focus on consolidating leadership across verticals as the company navigates a difficult funding environment and prepares for a possible public listing. API had filed draft IPO papers in 2021 but later withdrew them due to market conditions. PharmEasy has raised about $1.1 billion from investors including MEMG, Prosus, and Temasek. In April 2024, it secured $216 million at a steep 90% drop in valuation to $710 million. Earlier this year, PharmEasy’s three cofounders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia stepped back from the Bengaluru-based firm. They recently launched their new venture All Home. The company secured an undisclosed investment round led by Bessemer Venture Partners at a valuation of more than $120 million, with Siddharth Shah also participating as an investor.

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PharmEasy's three co-founders step down, Siddharth Shah to lead

EntrackrEntrackr · 6m ago
PharmEasy's three co-founders step down, Siddharth Shah to lead
Medial

PharmEasy's three co-founders step down, Siddharth Shah to lead Online pharmacy company PharmEasy is undergoing a major transition as three co-founders—Dharmil Sheth, Dhaval Shah, and Hardik Dedhia—have stepped back from the Bengaluru-based firm. The fourth co-founder, Siddharth Shah, will continue to lead the company. According to a company statement, these co-founders will remain part of the group, align their shareholding for the long term, and continue as board members or observers. However, they have expressed their desire to reduce their involvement in active day-to-day executive responsibilities. In November last year, Entrackr approached the co-founders of PharmEasy for confirmation, but they firmly denied the claims. PharmEasy also said that this transition has been in the works for several quarters, adding, "We are delighted that the new team has achieved operational cash flow break-even and continues to handle all responsibilities effectively." “The three of us—Dhaval, Dharmil, and Hardik—are starting something new in the consumer space. Reputed VCs who backed us at PharmEasy are backing us again,” the co-founders said in a joint statement. PharmEasy has raised approximately $1.1 billion to date from investors, including Ranjan Pai’s MEMG, Prosus, and Temasek. In April 2024, the company secured $216 million in funding during a down round, valuing it at around $710 million (post-money). However, in September, global asset management firm Janus Henderson reduced its valuation by 91.8% to $458 million. This development coincides with PharmEasy's efforts to relaunch its initial public offering (IPO). The company initially filed draft papers for an IPO in November 2021 but later withdrew the application, citing adverse market conditions and strategic considerations. PharmEasy’s revenue from operations declined by 14.8% to Rs 5,664 crore in FY24 from Rs 6,644 crore in FY23. Following cost-cutting measures, the company reduced its losses by 51.4% to Rs 2,533.5 crore in the last fiscal year.

Sridhar Vembu steps down as CEO of Zoho Corp

EntrackrEntrackr · 6m ago
Sridhar Vembu steps down as CEO of Zoho Corp
Medial

Sridhar Vembu steps down as CEO of Zoho Corp Shailesh Kumar Davey, co-founder of Zoho, will take over as the new Group CEO, while another co-founder, Tony Thomas, will lead Zoho US. Sridhar Vembu, the founder and CEO of Zoho Corp, has transitioned from his active role to take on a new position as Chief Scientist, where he will focus on driving deep R&D initiatives. “In view of the various challenges and opportunities facing us, including recent major developments in AI, it has been decided that it is best that I should focus full time on R&D initiatives, along with pursuing my personal rural development mission,” said Vembu. Shailesh Kumar Davey, co-founder of Zoho, will take over as the new Group CEO, while another co-founder, Tony Thomas, will lead Zoho US. Rajesh Ganesan will head the ManageEngine division, and Mani Vembu will oversee the Zoho.com division. “The future of our company entirely depends on how well we navigate the R&D challenge, and I am looking forward to my new assignment with energy and vigor. I am also very happy to get back to hands-on technical work,” added Vembu. Zoho is one of India’s largest profit-generating SaaS companies, reporting a profit of Rs 2,836 crore in FY23, with revenue growing 29.7% to Rs 8,703.6 crore during the fiscal year. The company has yet to file its annual report for FY24.

Toothsi parent MakeO set to raise funds at 50% valuation cut

EntrackrEntrackr · 3m ago
Toothsi parent MakeO set to raise funds at 50% valuation cut
Medial

MakeO, the parent of dental tech startup Toothsi and skincare brand Skinnsi, to secure Rs 54.7 crore (around $6.43 million) fresh funding round led by existing investors Siddharth Shah (Co-founder & CEO of Pharmeasy) with the participation of Mahendra Shah. Existing backers including 360 One, Eight Roads Ventures, Paramark Ventures, Ashish Kacholia and others also joined the round. The board at makeO passed a special resolution to approve the issuance of 5,80,072 CCPS at an issue price of Rs 943.7 each to raise the sum, which is around 57% lower than its previous round of funding, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Siddharth Shah will lead the Rs 20 crore investment round, followed by Mahendra Shah and 360 One, who will each contribute Rs 10 crore. Paramark Ventures and Eight Roads Ventures will invest Rs 4.35 crore each, while the remaining amount will be covered by Ashish Kacholia, Siddhant Partners, and R.B.A Finance & Investment Co. The company has already received Rs 10 crore from Mahendra Shah, with the remaining amount expected to follow soon. The filings further noted that the company plans to utilize the fresh capital for general corporate purposes. Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as the aligner brand Toothsi. In September 2022, it merged its flagship brands, Toothsi and Skinnsi to launch MakeO, offering dental, skin, and hair treatment solutions under a single platform. The Anushka Sharma and Virat Kohli-backed company will be valued at Rs 1,055 crore ($124 million), marking a valuation cut of over 50% compared to its previous $16 million funding round in January 2024 led by 360 One, which valued the company at around Rs 2,231 crore or $ 265 million. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised over $90 million to date including $40 million raised in Series C round in May 2022. While the company is yet to disclose its FY25 figures, its operating revenue in FY24 saw a marginal increase to Rs 179 crore. However, it reduced its losses by 32% to Rs 150 crore during the same period.

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