Medikabazaar, the business-to-business medical supplies startup, announced on Wednesday the appointment of Dinesh Lodha as its new Group CEO. Lodha previously worked with the medical devices company TI Medical.
He replaces Vivek Tiwari, the company’s co-founder, who stepped down from the CEO role amid allegations of financial irregularities.
On July 9, ET reported the Mumbai-based firm was undergoing a management reshuffle, with Tiwari transitioning to a board position during a financial audit.
The financial audit of Medikabazaar, supported by Creaegis, was conducted by PwC and reportedly uncovered discrepancies in the company’s revenue recognition process, among other issues.
Founded in 2014 by Vivek Tiwari and Ketan Malkan, Medikabazaar saw Malkan step down as CFO in July 2023, transitioning to a board role. He was succeeded by Raman Chawla, formerly a senior finance executive at Campus Activewear and Reckitt Benckiser.
In April, Medikabazaar, which was last valued at $650 million, appointed Ravishankar Gopalakrishnan, the former CFO of Jet Airways, as Group Chief Operating Officer and Whole-Time Director.
In May, Gopalakrishnan and Chawla joined the company’s board of directors, as per information from the corporate affairs ministry.
The board of Medikabazaar also includes representatives from its investors, such as Creaegis, Ackermans & van Haaren, and HealthQuad.
Medikabazaar stated that Lodha, the newly appointed group CEO, brings extensive experience in overseeing both B2B and B2C operations within the FMCG and healthcare sectors of multinational and private equity-backed companies. His previous roles include positions at Healthium, TI Medical, GE Healthcare, and Samsung.
Lodha remarked, “The company is at a crucial turning point, and I see significant opportunities across our operational verticals. We will keep enhancing our partnerships with top hospitals and healthcare professionals worldwide, acting as an extended procurement arm for their medical needs.”
TI Medical is a joint venture between the publicly listed engineering firm Tube Investments and Premji Invest, the family office of Wipro founder Azim Premji.
