Medikabazaar, a business-to-business medical supplies startup, has appointed Dinesh Lodha as its new Group Chief Executive Officer. Lodha, who previously served with TI Medical, replaces co-founder Vivek Tiwari, who stepped down amid allegations of financial discrepancies within the company. Tiwari will now take on a board role following a financial audit conducted by PwC, which revealed issues such as discrepancies in revenue recognition processes.
Founded in 2014 by Vivek Tiwari and Ketan Malkan, Medikabazaar has undergone several management changes recently. In July 2023, Malkan, who served as the Chief Financial Officer, transitioned to a board role and was replaced by Raman Chawla, a former finance executive from companies like Campus Activewear and Reckitt Benckiser. Additionally, Ravishankar Gopalakrishnan, former CFO of Jet Airways, was appointed as the Group Chief Operating Officer and a whole-time director in April.
Lodha brings experience in managing B2B and B2C operations across the FMCG and healthcare sectors, including roles at Healthium, TI Medical, GE Healthcare, and Samsung. He aims to strengthen Medikabazaar’s global collaborations with leading hospitals and healthcare professionals, positioning the company as a key partner for medical procurement. The board also includes representatives from key investors such as Creaegis, Ackermans & van Haaren, and HealthQuad.
TI Medical, Lodha’s previous employer, is a joint venture between Tube Investments and Premji Invest, the family office of Wipro founder Azim Premji.