PharmEasy CEO Siddharth Shah Steps Down, Rahul Guha of Thyrocare Named Successor

PharmEasy co-founder and CEO Siddharth Shah has resigned from his executive responsibilities, transitioning to the role of vice‑chairman at parent company API Holdings. Taking over as CEO of the online pharmacy start‑up will be Rahul Guha, current managing director and chief executive at Thyrocare, in a leadership change approved by API’s board and set to take effect on August 27.

API Holdings formalised the appointments following a recommendation from its nomination and remuneration committee. In addition to his new role at PharmEasy, Guha will continue to lead Thyrocare, the publicly traded diagnostic chain that API acquired for ₹4,546 crore in June 2021. Shah, who has helmed API since 2020, will remain on the board to guide strategic initiatives and governance.

Founders’ Exodus

Shah was PharmEasy’s last remaining executive founder. In January, co-founders Dharmil Sheth, Dhaval Shah and Hardik Dedhia stepped back from day‑to‑day operations to launch All Home, an architecture and interior‑design venture backed by Bessemer Venture Partners. Despite their operational exit they have retained board‑level and observer roles within the API group.

The management overhaul comes amid a challenging climate for India’s digital‑health start‑ups, which face funding headwinds, regulatory scrutiny and industry consolidation after the pandemic‑driven boom. By elevating an experienced operator like Guha, who previously drove operational synergies across API’s portfolio, API Holdings aims to strengthen execution and integration across its e‑pharmacy and diagnostics businesses.

For the fiscal year 2023–24, PharmEasy halved its consolidated loss to ₹2,531 crore from ₹5,202 crore a year earlier, as total expenditure fell nearly 20 percent to ₹7,255 crore. The platform is reviving its long‑deferred IPO plans, initially shelved in 2023, with the leadership reshuffle viewed as part of broader succession planning ahead of going public.

Co‑Founders’ New Venture

Dharmil Sheth, Dhaval Shah and Hardik Dedhia, founders of PharmEasy, have launched All Home, an architectural and interior‑design firm based in Mumbai.

The company secured funding from Bessemer Venture Partners at a post‑money valuation of $120 million (₹1,041 crore), though the exact amount remains undisclosed. According to insiders, the deal totalled approximately $20 million in equity and debt.

Bessemer Venture Partners was also an early investor in PharmEasy. Several angel investors participated, including PharmEasy founder and CEO Siddharth Shah; B Capital founding general partner Kabir Narang; Motilal Oswal Financial Services group CFO Shalibhadra Shah; and Motilal Oswal Asset Management chief investment officer Niket Shah.