Dharmil Sheth, Dhaval Shah, Harsh Parekh, and Hardik Dedhia, the founding members of API Holdings — the parent company of PharmEasy — are set to step down, according to sources familiar with the matter.
Sheth and Shah originally founded PharmEasy in 2015 as a platform for delivering medicines online. In a major move in 2020, PharmEasy merged with Ascent Health, a major offline pharmaceutical distribution company, leading to the formation of API Holdings. This merger brought together Sheth, Shah, Parekh, Dedhia, and Siddharth Shah — co-founders of Ascent Health — to lead the combined entity.
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Now, over four years after the merger, most of the co-founders are preparing to depart from the company, although Siddharth Shah will remain involved in a leadership capacity, sources confirm. This transition has been in the works since PharmEasy raised its significant funding round in April 2024, which marked a turning point for the company.
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Though the details of the co-founders’ next steps remain unclear, the exit follows a challenging period for API Holdings. In 2023, the company faced difficulties meeting financial obligations after securing a $300 million loan from Goldman Sachs, which further strained its operations.
PharmEasy declined to comment on the changes when contacted. With Siddharth Shah staying on as CEO, the company’s future leadership and direction are now in transition.
