India, April 17 -- B2B healthcare supply chain startup Medikabazaar has removed its founder and former CEO Vivek Tiwari from its board after an investigation found financial fraud.

According to the startup's regulatory filing, Tiwari was involved in "malicious and fraudulent activities" that harmed the startup. He was accused of breaching trust, misusing company funds, and acting with gross negligence.

The probe was carried out by Uniqus India, Alvarez & Marsal, and law firm Rashmikant & Partners.

The probe followed concerns raised by PwC earlier. The firm reportedly found that the startup's revenue for FY23 was overstated by over 50%. Medikabazaar reported $181 Mn in revenue that year, nearly double the previous figure, mainly by infl...