Medikabazaar, a B2B medical supplies startup, has removed co-founder and former CEO Vivek Tiwari from its board after an internal probe found he was involved in serious fraud that hurt the company.
Investors holding 47% of the company—Rebright Partners, HealthQuad, Ackermans & van Haaren, and Creaegis—voted to remove him, as per a filing with the Registrar of Companies.
The document states: “Mr. Vivek Tiwari is involved in malicious and fraudulent activities, including those of financial mismanagement and financial fraud, which have caused irreparable harm and damage, and are alarming to the well‑being of the company.”
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Advisory firms Uniqus India, Alvarez & Marsal, and law firm Rashmikant & Partners found that Vivek Tiwari failed in his duties by being negligent, giving false information, and misusing company funds.
Their findings matched a July 2024 PwC audit, which revealed that Medikabazaar had wrongly counted at least 60% of its gross merchandise value as sales and showed several issues with how the company was run.
Founded in 2015, Medikabazaar has raised about $190 million, including $65 million in a 2022 Series D round led by Lighthouse India, valuing the company at over $500 million.
Tiwari resigned as CEO in July 2024 but remained on the board until his removal. In August 2024, the company appointed healthcare veteran Dinesh Lodha as Group CEO. At the time, Lodha said the company was entering a new growth phase and aimed to strengthen its global hospital partnerships.
