Biography of Dharmil Sheth: Co-Founder of PharmEasy & Director of API Holdings
Biography of Dharmil Sheth:
Dharmil Sheth, a prominent figure in the entrepreneurial
world, is celebrated for his innovative ideas. His journey into the realm of
healthcare began with a desire to improve community well-being. As a co-founder
of PharmEasy, Sheth brought to life his vision of a more efficient and
user-friendly way for people to access their medications. His entrepreneurial
spirit and commitment to social betterment are evident in his diverse range of
start-ups aimed at addressing various societal needs.
Educational Background
Sheth’s academic background laid a solid foundation for his
entrepreneurial pursuits. He completed his undergraduate studies in Electronics
Engineering from K.J. Somaiya College of Engineering. Following this, he
pursued an MBA from the Institute of Management Technology in Ghaziabad. His
educational journey equipped him with both technical expertise and business
acumen, essential for his future ventures in the healthcare and technology
sectors.
Early Career and Learning
Dharmil's career began with an internship at MakeMyTrip in
2012, where he worked on marketing and workflow optimization for holiday
products. He also gained early business development experience at Techno
Gravity Solutions, setting the stage for his future ventures.
Ekagrata: A Commitment to Education
In 2010, Dharmil Sheth founded Ekagrata with a mission to
combat poverty, corruption, and social inequality through education. The
platform aimed to provide quality education to underprivileged children,
thereby fostering holistic development. Ekagrata reflects Sheth’s broader
vision of leveraging entrepreneurial efforts to create positive societal impact
and promote equitable access to resources.
91streets: Revolutionizing Retail Marketing
Following his graduation, Sheth launched 91streets in 2014,
a marketing platform designed to cater to modern retailers. Recognizing the
evolving needs of retailers in a digital age, he created 91streets as a
comprehensive shopping companion. The platform facilitated better marketing
strategies and customer engagement for retailers, further establishing Sheth’s
reputation as an innovative entrepreneur.
Before PharmEasy, In 2014, Dharmil founded 91streets, a
marketing platform designed to support modern retailers. This venture allowed
him to understand the intricacies of the retail market and consumer needs. His
initial foray into the start-up ecosystem showcased his ability to identify
market opportunities and develop solutions tailored to those needs.This
platform provided tools for analyzing customer data and creating targeted
marketing campaigns, aiming to improve sales and customer engagement.
Biography of Dharmil Sheth: Co-Founder of PharmEasy & Director at API Holdings/Success story of Dharmil Sheth/Life story of Dharmil Sheth PharmEasy/
The Birth of PharmEasy
PharmEasy’s inception was driven by Sheth’s observation of a
gap in the healthcare service market. Despite the proliferation of healthcare
start-ups, none offered a dedicated platform for home delivery of medicines. In
collaboration with his doctor friend Dhawal Shah, Sheth founded PharmEasy in
2015 to bridge this gap. Their vision was to create an e-pharmacy that would
make healthcare services more accessible and affordable across India.
PharmEasy’s Growth and Expansion
Since its foundation, PharmEasy has grown exponentially. The
platform now delivers to approximately 98% of PIN codes across India,
reflecting its extensive reach and operational efficiency. The company’s
network includes multiple warehouses in various cities, ensuring prompt
delivery of medicines. PharmEasy’s growth trajectory is marked by its
commitment to customer service and technological innovation.
Trailblazing in Health-Tech
Dharmil's journey in health-tech began with his role as
Co-Founder of PharmEasy, a company he helped grow from March 2015 to June 2020.
PharmEasy revolutionized the online pharmacy sector, making healthcare products
and services more accessible and affordable for millions of people in India.
Technological Integration
PharmEasy leverages advanced technology to enhance its
service offerings. The company’s app, which has been downloaded by over 29,000
users, serves as a critical tool for managing orders and providing seamless
healthcare solutions. With a focus on incorporating technology into its
operations, PharmEasy ensures that users receive timely and accurate services.
Current Achievements
PharmEasy has achieved significant milestones since its
inception. It serves over 700 cities, offering both prescription and non-prescription
medications. The platform also provides diagnostic testing services, performing
around 11 crore tests annually. With 3.3 crore registered users and a robust
network of 150,000 retailer customers, PharmEasy has established itself as a
leading healthcare provider in India.
Employee and Franchise Growth
PharmEasy’s growth is also reflected in its expanding
workforce and franchise network. The company employs around 20,000 people and
operates 600 franchise stores. This expansion underscores PharmEasy’s
commitment to scaling its operations and reaching more customers across the
country.
PharmEasy’s Impact
PharmEasy’s impact extends beyond its immediate services.
The company handles approximately 25,000 teleconsultations daily, highlighting
its role in improving access to healthcare advice. By storing 1.5 crore medical
records, PharmEasy contributes to the digitalization of healthcare data,
enhancing both patient care and operational efficiency.
Future Prospects
With a substantial investment of $651.5 million for future
projects, PharmEasy is poised for continued growth. The company’s strategic
focus on expanding its service offerings and enhancing technological
capabilities positions it well for future success. Dharmil Sheth’s vision and
leadership remain central to PharmEasy’s ongoing evolution and its mission to
transform healthcare delivery in India.
Revenue Growth vs. Profitability Issues
PharmEasy has seen a 16% rise in revenue for FY2023,
reaching Rs. 6,643 crore. However, this growth has not translated into
profitability. The company’s losses have surged by 30%, totaling Rs. 5,211
crore. This ongoing struggle with profitability highlights a persistent
challenge despite rising revenues.
Deteriorating Debt and Share Price Decline
The company’s financial troubles are further reflected in
its worsening net debt-equity ratio, which climbed from 9.94% in 2022 to
34.62%. This significant increase in debt has contributed to a dramatic fall in
PharmEasy’s share price. From trading at Rs. 105 three years ago, the share
price has plummeted to around Rs. 10 in the unlisted market, marking a 90%
drop.
From Visionary to Healthcare Leader
Dharmil Sheth is making waves in India's health-tech
industry with his role as Co-Founder of API Holdings, a company that's
transforming how people access and afford medical services. He co-founded API
Holdings in August 2020, with a mission to improve healthcare delivery across
the country.
Strategic Growth and Consolidation
Dharmil Sheth and his team received Series A funding to fuel
their expansion. They strategically grew their business through key
acquisitions, and in 2018, they consolidated their online pharmacy business
with their supply chain startup, forming API Holdings, the parent company of
PharmEasy. This move allowed them to streamline operations and enhance their
market presence.
Conclusion
Dharmil Sheth’s journey from an aspiring entrepreneur to a
leading figure in health-tech is marked by a series of innovative ventures and
notable achievements. As co-founder of PharmEasy, Sheth identified and
addressed critical gaps in healthcare access, leading to the development of a
robust platform that revolutionized the online pharmacy sector in India.
Despite facing financial challenges, including struggles with profitability and
a significant drop in share price, Sheth's strategic vision and leadership
continue to drive PharmEasy's growth and technological advancement. His
commitment to improving healthcare delivery and his success in scaling
PharmEasy underscore his impact on both the entrepreneurial and healthcare
landscapes in India.
Timeline of Dharmil Sheth’s Journey
Education and Early Career
2012: Interned at MakeMyTrip, focusing on marketing and
workflow optimization.
2014: Co-founded 91streets, a marketing platform for
retailers.
2015: Founded PharmEasy with Dhawal Shah to provide home
delivery of medicines.
PharmEasy’s Growth
2015-2020: Co-founded and grew PharmEasy, revolutionizing
the online pharmacy sector.
2018: Consolidated online pharmacy and supply chain
operations under API Holdings.
2020: Co-founded API Holdings, the parent company of
PharmEasy.
Current Achievements and Challenges
2023: PharmEasy serves over 700 cities, performs 11 crore
tests annually, and has 3.3 crore registered users.
FY2023: Revenue increased by 16% to Rs. 6,643 crore but
faced a 30% surge in losses, totaling Rs. 5,211 crore.
Share Price Decline: PharmEasy's share price fell from Rs.
105 to around Rs. 10, a 90% drop.
Future Prospects: With $651.5 million in investment,
PharmEasy is poised for continued growth and technological advancement.
