Four co-founders of API Holdings, the parent company of PharmEasy, are set to leave, according to sources.

Dharmil Sheth, Dhaval Shah, Harsh Parekh, and Hardik Dedhia will depart, leaving Siddharth Shah as the sole co-founder continuing as CEO.

The departure comes as the Mumbai-based startup faces challenges.

PharmEasy’s revenue declined by 15% to US$660 million in FY24, though losses were reduced by 50% year-on-year to US$300 million through cost-cutting measures.

Founded in 2015 as an online medicine delivery service, PharmEasy merged with Ascent Health in 2020, forming API Holdings.

The reasons behind the co-founders’ exit and their future plans remain unclear. PharmEasy has not commented on these developments.