Vivek Tiwari, the former cofounder of Medikabazaar, a B2B medical supply chain firm, has been the subject of a first information report (FIR) filed by Delhi Police’s Economic Offences Wing (EOW). The EOW has accused Tiwari of criminal breach of trust, cheating, forgery, and account falsification, according to a media report.
According to the story, which cited sources, the fired CEO was summoned twice but did not show up before the EOW. Thus, a formal complaint was filed. According to the FIR, Tiwari and others engaged in a “well-planned and deep-rooted criminal conspiracy” to allegedly embezzle over INR 100 Cr through contract violations, record falsification, and cheating.
In response to a question regarding the development, Tiwari stated that he is steadfast in his determination to protect his rights by legal methods.
He has cooperated with judicial authorities and will continue to do so, presenting all pertinent evidence to the Hon’ble Courts, where he is certain that a fair and unbiased decision will be made. The new acts taken against him, he continued, are “retaliatory and a counterblast.”
Tiwari’s Allegations Against Medikabazaar’s Board
Tiwari claimed that while settlement talks were taking place in the Delhi High Court (HC), Medikabazaar’s board submitted the complaint to the EOW.
“With full knowledge that I (Tiwari) was scheduled to travel to China from April 7, 2025,” he added, the board of the corporation filed the complaint against him on April 11, 2025.
This almost immediately follows the removal of Tiwari from Medikabazaar’s board earlier this month due to accusations of fraud, poor governance, and financial mismanagement. This came after the business fired him as CEO last year and appointed Dinesh Lodha in his place.
Medikabazaar’s Saga
Last year, an anonymous whistleblower complaint claimed that Tiwari, then-newly hired CFO Raman Chawla, and 15 other workers were involved in financial irregularities at the firm, which sparked the Medikabazaar scandal.
The board of the startup then hired a third-party investigator to look into the complaint. However, auditor PwC had already indicated that Medikabazaar had overstated its gross merchandise value by at least 60% prior to the report’s submission.
This was due to the fact that the same medical products were sold through multiple entities, which unduly inflated the startup’s business metrics. Tiwari filed a complaint against the startup and a few of its investors with the Delhi High Court after being removed.
The creator has accused Medikabazaar’s investors, HealthQuad, Creaegis, and Ackermans & van Haaren, of planning to illegally deprive him of his position and promoter rights in a petition submitted to the HC. April 30, 2025, is the date of the case’s next hearing.
Vivek Tiwari is an Indian Entrepreneur, who is serving as the Founder & Chief Executive Officer (CEO) of Medikabazaar, a platform for medical and healthcare needs. He has been conferred with BW Young Entrepreneur award in 2017. He has 14+ years of experience in managing all India operations, driving sales, revenue and growth of healthcare firms. He has worked in Zonal, Regional, and National roles. He has worked in different industries like, telecom, healthcare, DTH & FMCG with a major exposure in consumer services.
Vivek currently lives in Mumbai, India. He believes that a healthy lifestyle can be obtained by maintaining a proper balance between mind, body and soul. He thus starts his day with yoga and meditation and approaches each and everyone to follow this for a healthy lifestyle.
Vivek Tiwari – Education
Vivek completed his Bachelors Degree from the University of Calcutta, where he was a rank holder with 1st division. In 2018, he received the CPD Certification Service (Information Lifesciences) for his efforts in Connected care, HEALTH IT.
He further learnt Strategic Project leadership and Project management from Technological Leadership Institute, University of Minnesota. He completed his Master of Business Administration, Marketing (MBA) from Indian Institute of Management, Calcutta.
Vivek Tiwari – Professional Life
Vivek started his career as an executive at Nestlefrom July 2000-2004. Post that, he became the Zonal Manager at Tata Tele Business Services and worked there until May 2006.
In May 2008, he started serving as the Zonal Business Manager at Aircel Limited and worked there until November 2009. He further worked as a Business Manager at Telenor from November 2009 to April 2011. At Tata Sky Limited, he served as the Head of National Sales Development & Automation from April 2011 to June 2012.
Vivek joined DB Lifesciences & DB Healthcares as a Board Observer & Adviser for M&A & International Market Strategy, in January 2014. He led International strategic tie ups with Chinese medical companies for All India product roll-out.
He managed to create successful tie ups with Lepu Medical Technology (Beijing) Corporation Limited for national distribution of CVC and HD catheter. He further brought the idea of acquiring the company.
Created successful tie-ups with the following companies
Zhejiang Runqiang Medical Technology Corporation Limited
Target Medical Corporation
Nanning Passion Medical Equipments Corporation
Shenzhen Hawkmed medical company
Bioteq Corporation, Taiwan
Giant Medical, Guangzhou
He left the firm in August 2015 and joined AMRA Renal Care Limited in September 2015 and the clinics was acquired by Nipro India. He was the Chief Operating Officer at AMRA and managed to set a network of renal care centers, which is regarded as the best-in-quality yet affordable dialysis clinics.
Vivek Tiwari – Startup
After serving five years in the health sector, he became quite acquainted with the services required for a healthcare startup. In April 2015, he founded his healthcare startup, Medikabazaar, a platform that supplies for hospital and medical institution.
Vivek Tiwari – Challenges
Initially, there were no established B2B medical supplies in India. This is why, Vivek struggled to organize a massive campaign in medical institutions through direct contacts and digital platforms. It was basically a digital appropriation platform meant for medical supplies with the elimination of geographical restrictions that was non-existent then.
It was a considerable task to engross multiple vendors, and asking them for price quotes, parleying for purchases, etc. However, they faced a bigger challenge in getting the right price from a reliable vendor and there were hardly such vendors who was owning an array of medical supplies.
Vivek is the Founder & CEO at Medikabazaar and he leads the B2B platform for all healthcare needs. The company is based in Mumbai, Maharashtra, India. It is India’s pioneering and largest online B2B marketplace for the medical supplies and equipments.
Medikabazaar counsels for a healthy life and comes under the category of hospital & health care sector. Under the leadership of Vivek, the company has successfully established more than 50,000 medical establishments, and 1,50,000 independent practitioners.
Vivek made sure that Medikabazaar reaches out to remoter locations, having partnered with 13,000+ suppliers all over India to establish a strong base and respect from their clients in India. The company has a haywire market, which makes it the largest and most complex geographical structure in the world.
Vivek Tiwari – Honors & Awards
His company, Medikabazaar received the Best Last Mile Delivery at the Global Logistics Excellence Awards in 2019.
He received the National Icon Award in 2018.
Medikabazaar was regarded as Healthcare IT company of the year in 2017.
Vivek received the BW Young Entrepreneur in 2017.
His company received the Best Med-Tech E-Tailing Solutions by ASSOCHAM Medtech in 2018.
He was one of the BW techtors in 2020.
He received the IBM Smartcamp in 2016.
Vivek Tiwari – FAQs
What is Medikabazaar?
Medikabazaar is a healthcare platform that supplies machines and other equipment to hospitals and medical institutions.
