Dhaval Shah, Dharmil Sheth, and Hardhik Dedhia, the founders of API Holding, which operates PharmEasy, are preparing to launch a new venture in the consumer space. Siddharth Shah, the CEO and MD of PharmEasy, has also personally invested in the new venture.
Several venture capitalists (VCs) who previously supported the founders in their earlier venture have also invested in the new project. The founders confirmed that this new venture will lead to their stepping away from the daily operations of the e-pharmacy startup.
Seth, Shah, and Dedhia will retain board positions at Thyrocare and API. They have aligned their shareholding for the long term and will continue as members or observers on the board. However, they plan to reduce their involvement in the active day-to-day executive responsibilities.
They will remain committed to supporting the development of the healthcare company and place their trust in Siddharth Shah and his team, according to a joint statement by the founders.
“This transition has been in the works for a few quarters and we are delighted the new team has achieved operational cash flow break even. It continues to handle all the responsibilities well,” said Siddharth Shah in the statement.