Medikabazaar made a strong comeback in FY24 with ₹1,355 crore in gross revenue. The company supplies hospitals with medical equipment online.
In FY23, Medikabazaar had ₹1,552 crore revenue. But issues started when a whistleblower raised concerns. A forensic audit found financial irregularities.
PwC found Medikabazaar overstated business numbers. It showed 60% inflated GMV, round-tripping, and wrong accounting of related party transactions.
CEO Vivek Tiwari stepped down from daily operations. New CFO Raman Chawla and COO Ravishankar Gopalakrishnan joined to fix the system.
Now, Medikabazaar serves over 20,000 pin codes in India. With ₹1,407 crore in total revenue (including interest)