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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.

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

EntrackrEntrackr · 2m 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.

Tiger Global-backed Toplyne shuts down operations

EntrackrEntrackr · 9m ago
Tiger Global-backed Toplyne shuts down operations
Medial

Plug-and-play platform Toplyne is shutting down operations and returning capital to investors, according to sources who spoke to Entrackr. This decision comes as a surprise, given that Toplyne had raised funding from prominent investors like Peak XV and Tiger Global. “Despite securing sizable funding, the startup struggled with scaling beyond a certain point, leading the founding team to make the decision to wind down and reach out to investors to return remaining capital,” said one of the sources requesting anonymity. Toplyne is a plug-and-play platform designed to help sales teams at product-led growth companies increase conversion rates among freemium users. Founded by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, this three-and-a-half-year-old startup facilitated lead conversion by integrating actionable insights directly into products, enabling companies to turn potential leads into paying customers. “After 3.5 years of building Toplyne, we’ve made the tough decision to wind down operations and return capital to our investors. Despite our best efforts, we couldn’t reach the scale or product-market fit we aimed for,” said Rishen Kapoor in a LinkedIn post. Toplyne has raised over $17 million in total capital from investors including Peak XV, Tiger Global, Surge, Together Fund, and angel investors like Kunal Shah and Harshil Mathur. According to the startup data intelligence platform TheKredible, Toplyne was valued at approximately $80 million in its latest fundraising round. Sources indicate that one of the co-founders, Rohit Khanna, exited the firm sometime last year due to differences within the founding team. Queries sent to Kapoor and Peak XV didn’t elicit any immediate response. Toplyne joins a group of startups that have shut down operations in 2024 while returning partial capital to investors. Others on this unique list include Greenik, Fashinza, Virgio, Investmint, Bluelearn, Paras Chopra-led Nintee, and Karthik Gurumurthy-led Convenio.

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