Official Statement from Mr. Vivek Tiwari, Co-Founder CEO of Medikabazaar

In response to recent reports concerning “Medikabazaar”, I categorically deny all allegations of fraudulent conduct or intentional misrepresentation during my tenure as CEO. The claims suggesting my involvement in any alleged inflation of revenue figures are misleading, and do not reflect the reality of the situation.

Throughout my leadership, Medikabazaar scaled rapidly, delivering significant impact in the healthcare sector by improving access, driving innovation, and setting new benchmarks in service excellence. These achievements were built on a foundation of vision, commitment, and ethical business practices.

I remain dedicated to upholding the integrity of India’s startup ecosystem. Entrepreneurs are a cornerstone of the country’s innovation economy and play a crucial role in building a self-reliant India.  

While the current narrative is unfortunate and deeply damaging, I remain confident in the truth. In the coming days, true facts will emerge, providing clarity and reaffirming my personal reputation and integrity.

Any attempt, intentional or otherwise, to malign my character and reputation will be addressed through appropriate legal channels, as and when necessary.

Vivek Tiwari, Co-founder of Medikabazaar, has stepped down from his operational role following a forensic audit by PwC that uncovered significant financial discrepancies within the company. The audit revealed issues in revenue recognition, including an inflation of gross merchandise value by at least 60%.​

In response to these findings, Medikabazaar has initiated a leadership restructuring. Dinesh Lodha, formerly of Healthium Medtech, has been appointed as the new Group CEO. Additionally, Raman Chawla has taken over as Chief Financial Officer, and Ravishankar Gopalakrishnan has been named Chief Operating Officer.

Vivek Tiwari is widely credited with building Medikabazaar from the ground up into one of India’s most prominent B2B healthtech platforms. Under his leadership, the company grew rapidly, bringing digital transformation to the procurement of medical supplies in hospitals and clinics across the country.

Supporters within the startup ecosystem point out that rapid growth in the healthtech sector often involves complex revenue models and operational scaling that traditional auditing frameworks may not fully understand or contextualize. “This isn’t uncommon in high-growth startups,” said one industry observer. “A founder’s aggressive vision sometimes clashes with audit mechanics, but that doesn’t necessarily mean fraud.”

Despite the internal upheaval, Medikabazaar maintains that it has sufficient funds for its growth plans and remains committed to delivering services to its customers. The company has also stated that it has strengthened its internal control mechanisms and reinforced its executive team to address the identified deficiencies.​