10 Things You Didn’t Know about Dharmesh Pandya
Dharmesh Pandya is the CEO of Lytus Technologies. For those who are curious, the latter provides telemedicine services for consumers, who have been becoming more and more receptive to such services for some time. Curiously, Lytus Technologies seems to be moving towards an IPO even though now is not the most promising of times.
1. Went to Harvard Law School
Education-wise, Pandya went to Harvard Law School. Said institution has a very good reputation in both the United States and beyond. As a result, graduating from Harvard Law School is the kind of thing that opens a lot of doors for people. Something that has presumably been the case for Pandya.
2. Extensive Background in Law
Pandya has an extensive background in law. After all, he spent more than 25 years in the field, which means that he presumably has a wealth of law-related expertise, experience, and other resources built up over that time. Specifically, Pandya is said to have been focused on technology, tax, and corporate matters as a lawyer. This needs to be pointed out because law is one of those fields that are too big for a single individual to be well-versed in every single one of its aspects. As a result, lawyers have their specialties for very good reasons.
3. Started Out in New York City
After graduating from Harvard Law School, Pandya started his career in New York City, which is one of the economic centers of the entire world.
4. Started Out Working For the Big Four
There, Pandya started his career by working for the Big Four. That phrase can refer to a lot of things. However, the Big Four in this context refers to the four biggest accounting firms that can be found in the entire world. There were more of these accounting firms just a few decades ago. For proof, look no further than the fact that the Big Four were once the Big Eight. Over time, mergers reduced their number, though there is one notable exception that happened in 2002. That would be the collapse of Arthur Andersen, which was the accounting firm responsible for auditing Enron. As a result, it lost the reputation that enabled it to maintain its position. Subsequently, the Big Five that existed at the time became the Big Four that exist now.
5. Helped Out With International and Emerging Market Practices
Apparently, Pandya helped out with the shaping of the Big Four’s international and emerging market practices. The Big Four operate throughout the world. However, such capabilities don’t just come from nowhere. Instead, they have to be built up bit by bit, particularly since the practices in one country can be so different from the practices in another. Being well-established somewhere else in the world is helpful. Even so, it is far from being some kind of panacea for the kind of problems that companies can encounter when involved in international business.
6. Has U.S. Operations
Pandya’s company has sometimes been described as an Indian-American company. As a result, people should have no problem guessing that it has U.S.-based operations. In short, Lytus Technologies bought a majority stake in Global Health Sciences, which is a provider of health-related tech solutions based out of the United States. The latter is best-known for its telemedicine platform. Something that has proved to be very useful for Lytus Technologies’ operations elsewhere.
7. Has Indian Operations
Specifically, Pandya’s company has launched a telemedicine platform in India as well. Said country is home to a huge number of people, so much so that it is expected to overtake China as the most populous country in the entire world in the late 2020s. Furthermore, India has been seeing increasing use of the Internet, not least because of official support for such pushes. Combined, it isn’t hard to see why companies might see it as a promising market for telemedicine, though that means that there is bound to be fierce competition in that same market.
8. Has Two Components to His Indian Operations
Pandya’s company has two major components to its Indian operations. First, there is the telemedicine platform that has been mentioned earlier. Second, Lytus Technologies has set up a network of local health centers. These two components are not in competition with one another. Instead, it is more accurate to say that they complement one another. After all, while telemedicine is very useful, it is far from being capable of matching the capabilities of a traditional clinic in every single regard. As a result, the local health centers are there for the purpose of covering everything that the telemedicine platform can’t cover, with examples ranging from blood tests to ultrasound scans.
9. Has Been Planning an IPO For Some Time
It is interesting to note that Pandya and the rest of Lytus Technologies’ leadership have been planning an IPO for some time. They revealed plans to raise $30 million by offering 2.72 million common shares to interested parties back in March of 2021. Currently, Pandya and the rest of Lytus Technologies’ leadership are still proceeding with the IPO. However, it should come as no surprise to learn that they have made some changes. For instance, they are still offering the same number of common shares, though a much reduced price per share means that they are now expecting to raise $16.7 million.
10. His Company Is Profitable
Still, it should be mentioned that Pandya’s company is profitable. Essentially, it takes some time for new companies to build up their operations to the point that they can sustain themselves, meaning that they need to rely on their raised funds before reaching that point. Pandya’s company became profitable back in March of 2021. We know this because it had a net income of $2 million out of revenue of $16.6 million for the fiscal year that came to a close at the end of that month. As such, it will be interesting to see how Lytus Technologies moves forward from this point.
