PharmEasy founders launch new startup in interior design space, raise funding at $120 million valuation

Three co-founders of PharmEasy Dharmil Sheth, Dhaval Shah and Hardik Dedhia have unveiled their next venture: All Home, a brand-building platform aimed at modernizing India’s highly unorganised architectural and interior design market.

Positioned as a partner-led investment and enablement platform, All Home seeks to bring order and innovation to a sector estimated at $60 billion. The startup will partner with profitable, omnichannel brands in categories ranging from sanitaryware and furniture to kitchen fittings, furnishings, lighting, and hardware.

“Consumers are increasingly willing to invest in their living and working spaces, yet often lack access to the appropriate channels and products. Our platform aims to address this gap,” Shah said.

The trio, who stepped down from their operational roles at PharmEasy in January this year, have defined their new roles at All Home in line with their previous strengths. Sheth is leading operations, Shah is managing brand, finance and compliance, and Dedhia is heading technology. All three continue to remain board members or observers at API Holdings, PharmEasy’s parent.

The transition comes as PharmEasy revives its IPO ambitions two years after pulling its first offering. The company has seen declining revenue and valuation through FY24, although FY25 results are yet to be disclosed.

All Home has already partnered with three brands — Colour Coats, House of W, and Fiamarc — and aims to onboard at least three more in the coming weeks. The founders say that during their time operating in stealth mode over the past six months, All Home reached both scale and operational profitability.

Notably, the startup reportedly raised funding in a mix of equity and debt. While the founders didn't disclose the round's size, they confirmed that the investment values All Home at approximately $120 million. The round was led by Bessemer Venture Partners, an early backer of PharmEasy, and included participation from PharmEasy co-founder and current CEO Siddharth Shah, Motilal Oswal Asset Management CIO Niket Shah, Motilal Oswal Financial Services Group CFO Shalibhadra Shah, B Capital’s Kabir Narang, and Warburg Pincus's Ankur Gulati, among others.

Beyond capital, All Home aims to offer its partner brands a digital operating system, access to design and market insights, and tech-enabled procurement and manufacturing support. The founders say India’s home improvement supply chain is burdened with inefficiencies, such as slow turnarounds, fragmented vendor coordination, and limited after-sales services.

Bessemer Venture Partners’ partner Anant Vidur Puri said, “The home infrastructure and interior design sector in India is at a pivotal inflection point, driven by rising aspirations and disposable incomes across the country. Despite its size, the market remains highly fragmented and underserved, with consumers and designers facing persistent challenges around quality, transparency, and efficiency.”