img

B2B startup for medical supplies Medikabazaar founder Vivek Tiwari is moving out after accounting firm PwC found inconsistencies in the revenue recognition process and multiple governance issues.

According to media reports, PwC auditors discovered that the gross merchandise value had been inflated by at least 60%. "

The company's board is currently finalising a new chief executive officer (CEO) as Tiwari will move to a non-operating role on the board. "The review found certain weaknesses and deficiencies in internal controls and processes. Following the review, the company has further strengthened its internal control mechanisms and also reinforced the executive team with senior additions," a spokesperson told ET.

Notably, Medikbazaar was valued at $650 million when it raised $65 million in funding in April 2022.

So far, the startup has raised around $194 million from investors.

--Advertisement--

Medikabazaar financial discrepancies medical supplies startup Indian healthcare industry Startup Funding financial irregularities audit report corporate governance accounting discrepancies Medikabazaar investigation startup scandal healthcare technology medical equipment supply chain financial transparency regulatory compliance