Dharmil Sheth, Dhaval Shah and Hardik Dedhia – the outgoing co-founders of PharmEasy – are launching their own consumer startup, the three said in a joint statement on January 21.
The statement comes a day after Moneycontrol first reported about Sheth, Shah, Dedhia leaving API Holdings, the company that runs PharmEasy. Along with the three, Harsh Parekh, the fourth co-founder, will also be exiting the firm, as reported earlier.
After the latest decision, Siddharth Shah, the fifth co-founder, will be the only one remaining from the founder group, and will remain with the company as its chief executive.
“Siddharth, Dharmil, Dhaval and Hardik have been friends for over 2 decades and have always believed in the vision of PharmEasy. Given the fact that (the) company is now professionalised well - the three of us: Dhaval, Dharmil and Hardik are starting something in the consumer space. Reputed VCs who have backed us at PharmEasy, are backing us again,” the joint statement read.
CEO Shah will also invest in their new venture given their strong ties from the past.
Parekh’s next move is still not known.
Their departure has been in the works for a few quarters now, as reported earlier. Their decision to move away from day-to-day operations comes at a time when the company, in the last quarter, was operationally cash flow positive.
The four outgoing founders will continue to hold shares in the company and remain on the board but have expressed willingness to reduce their involvement in active day-to-day executive responsibilities.
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