By Inc42 Media
Medikabazaar is reportedly undergoing a management restructuring with the company’s cofounder Vivek Tiwari stepping down as chief executive officer and taking a board role
Also, the company is undergoing an audit by accounting firm PwC, and is believed to have found discrepancies in the company’s revenue recognition process, among other issues
The company’s board was made aware of certain irregularities concerning the business and operations of the company, and with the support of its investors, it carried out an external review
Mumbai-based B2B healthcare supply chain startup Medikabazaar
is reportedly undergoing a management restructuring with the company’s cofounder Vivek Tiwari stepping down as chief executive officer and taking a board role.
As per ET’s report, Medikabazaar’s board is currently finalising a new CEO.
“In addition, the board has also initiated plans to bring a new CEO into the business with experience of managing large scale businesses,” the report quoted a company spokesperson as saying.
It further added that the company is undergoing an audit by accounting firm PwC. The audit is in the final stages and is believed to have found discrepancies in the company’s revenue recognition process, among other issues.
The spokesperson further said the company has pulled in a senior professional management team to support the business. It added that the board was made aware of certain irregularities concerning the business and operations of the company, and with the support of its investors, it carried out an external review.
The startup reported a net loss of INR 20.8 Cr in FY22 as against a net profit of INR 61 Lakh in FY21.
Though the startup reported loss in FY22, revenue from operations jumped over 3X or 175% to INR 1,552.5 Cr from INR 564.7 Cr in FY21.
Tiwari founded the company along with Ketan Malkan in 2014. Since the inception of Medikabazaar, he has been the chief executive and has been leading the company. Prior to that, he served as chief operating officer at basic chemicals manufacturer AMRA Renal Care limited for over three years.
Medikabazaar has raised a total of $191.94 Mn across six funding rounds and the last round was raised on April 12, 2022, as per Inc42’s data.