Image: Mexy Xavier
Dhaval Shah and Dharmil Sheth | 28, 28
The brainchild of two 28-year-olds from Mumbai, PharmEasy has emerged as a leader in the online pharmacy space in less than two years since its launch: The online aggregator of pharmacies supplies medicines to customers at a flat 20 percent discount. It currently fulfils 80,000 orders a month, across seven cities, and has 1 lakh customers using its app-based service.
Expectedly, as they grew the business, Dharmil Sheth (pictured, right) and Dhaval Shah had to counter stiff resistance from brick-and-mortar drug retailers, whose business model they disrupted. But the duo successfully convinced regulators about the validity of the business.
The company has also attracted investments to the tune of $23 million from various investors. Says Vishal Gupta, managing director at Bessemer Venture Partners, the lead investor in PharmEasy: “Dharmil and Dhaval chased me persistently for six months before we invested in them. They have shown maturity beyond their age in handling the complexities of this business, and are also thrifty in the way they manage money.”
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(This story appears in the 17 February, 2017 issue of Forbes India. To visit our Archives, click here.)