Lodha comes in place of Vivek Tiwarithe co-founder of the company who resigned from the Executive DirectorThe company’s position in the context of the allegations of financial discrepancies.
On July 9, ET was the first to report on the The Mumbai-based company is undergoing a management restructuringwith Tiwari assuming a board role amid a financial audit.
The financial audit of the Creaegis-backed company was conducted by PwC. It is believed to have found discrepancies in Medikabazaar’s revenue recognition process, among other issues.
Tiwari had founded Medikabazaar in 2014 along with Ketan Malkan. Malkan was the company’s CFO until July 2023. He has since moved to a board seat. Malkan was replaced by Raman Chawla, a former senior finance executive at companies such as Sportswear for campus and Reckitt Benckiser, as Chief Financial Officer of Medikabazaar.
Medikabazaar, last valued at $650 million, had appointed former Jet Airlines Chief Financial Officer Ravishankar Gopalakrishnan will become Group Chief Operating Officer and a full-time director in April.
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In May, Gopalakrishnan and Chawla were appointed to the company’s board of directors, according to information from the Ministry of Corporate Affairs. The other directors on Medikabazaar’s board are representatives of the company’s investors: Creaegis, Ackermans & van Haaren and HealthQuad.
Lodha, the new group CEO, has experience in managing B2B and B2C operations in FMCG and healthcare segments for multinational and private equity companies, Medikabazaar said in a statement. These include Healthium, TI Medical, GE Healthcare and Samsung.
Lodha said, “The company is at an inflection point and I see substantial opportunities across the verticals we operate in. We will continue to strengthen our partnerships with leading hospitals and healthcare providers globally, acting as an extended procurement arm for all their medical acquisitions.”
TI Medical is a joint venture between the publicly traded engineering company Investments in pipes and Premji Invest, the family office of Wipro founder Azim Premji.
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