B2B medtech startup has undergone a management rejig with cofounder and chief executive Vivek Tiwari moving out and taking a board role, according to a report in The Economic Times.
The company’s board is also reported to be finalising a new CEO.
Medikabazaar did not respond to email queries at the time of publication of this news.
“In addition, the board has also initiated plans to bring a new CEO into the business with experience of managing large scale businesses,” a spokesperson told The Economic Times.
Further, the Mumbai-based company is undergoing an audit by PwC, which is in its final stages. Sources familiar with the matter told The Economic Times that the audit has found discrepancies in the company’s revenue recognition process, among other issues.
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“The review found certain weaknesses and deficiencies in internal control and processes. Following the review, the company has further strengthened its internal control mechanisms and also reinforced the executive team with senior additions. The board continues to work with the management to bring any additional changes to processes and systems that that may be warranted in a high-growth business such as Medikabazaar,” said the spokesperson.
Founded in 2015 by Vivek Tiwari and Ketan Malkan, Mumbai-based Medikabazaar is an online B2B marketplace for medical devices and supplies.
The company had last raised $65 million in April 2022, in a funding round led by Lighthouse India Fund III, with participation from existing investors Creaegis, Health Quad, Ackermans & van Haaren, British International Investment (formerly CDC), and KOIS Holdings.
Edited by Swetha Kannan
