Dharmil Sheth, Dhaval Shah, Siddharth Shah, Hardik Dedhia and Harsh Parekh grew up in Ghatkopar, Mumbai, and have been friends since kindergarten. Sheth was running 91streets when the group decided to pivot to pharmacy.
Their first attempts, Dialhealth.com and a retail store chain, failed. A wholesale distribution business taught them how medicines move. When no investor would back them, their families put in about 21 crore rupees. A competitor later filed a false FIR, and some founders hid for a few days.
In 2021 PharmEasy merged with Medlife and bought 66.1 percent of Thyrocare for 4,546 crore rupees. Peak valuation was about 5.6 billion dollars. The 6,250 crore rupee IPO was withdrawn in August 2022.
Ranjan Pai's family office put in 1,300 crore rupees in 2023 and 800 crore rupees in 2024. Siddharth Shah stepped down as CEO in August 2025. Net loss was 1,517 crore rupees in FY25. Sheth has said he would have wanted to fail faster.