PharmEasy to acquire 66.1 pc stake in Thyrocare for Rs 4,546 Cr from Dr A Velumani, affiliates
PharmEasy's parent company, API Holdings has acquired 66.1 percent stake in Thyrocare. This is the first-ever acquisition of a listed company by a startup unicorn. The combined entity aims to provide diagnostics and pharma services to 100 million people every day.
PharmEasy's parent company — API Holdings Limited — today announced it has signed definitive documents to acquire 66.1 percent stake in Thyrocare Technologies Ltd (Thyrocare) from Dr A Velumani and affiliates at a price of Rs 1,300 per share, aggregating to Rs 4,546 crore.
The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies Pvt Ltd, a 100 percent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 percent stake.
Dr A Velumani will be separately acquiring a minority non-controlling stake of less than five percent in API as part of a series of equity investments by existing and new investors of API.was founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah.
Siddharth Shah, CEO, API Holdings commented in a press statement shared by the company said, “We are delighted to be partnering with Thyrocare. We will provide a world-class customer experience in diagnostics, rivalling our pharmacy experience by leveraging technology, and building on top of the massive scale and truly pan-India presence of Thyrocare. It is our aim to deliver all outpatient healthcare products and services to every Indian within 24 hours.”
PharmEasy's has an online pharmacy and diagnostics brand, RetailIO – a B2B pharma marketplace and seller, and DocOn – a consultation and EMR platform. The company has a base of 12 million consumers, a network of 6,000+ digital consultation clinics, and 90,000+ partner retailers across the country.
It currently serves over one million patients for their pharmacy and diagnostics needs and conducts 300,000 consultations on a monthly basis. On the other hand,is one of the leading diagnostics solution provider by volume, performing over 110 million tests annually.
Thyrocare is one of the largest B2B players in the diagnostics space and has a network of 3,330+ collection centres across 2,000+ towns in India. It operates a multi-lab model with a mega central processing lab, two zonal processing labs, and 13 regional processing labs across the country.
The statement said - "The collaboration between PharmEasy and Thyrocare is unique and transformative for the Indian healthcare sector, consumers and the entire healthcare ecosystem. The synergies of both, India’s largest digital health platform and one of the largest, cost-effective diagnostics solution providers (by volume) will reimagine and accelerate the delivery of high-quality diagnostic and OPD services across the full continuum of patient care to nearly 800 million Indians."
Dr A Velumani, Chairman and MD of Thyrocare, said, “I am excited about this relationship, unique of its kind in Indian healthcare industry. The unique reach and strength of Thyrocare in diagnostics, blended with young and dynamic team of PharmEasy, will bring in better healthcare solutions for common man nationwide.”
Edited by Kanishk Singh