PharmEasy to pick up 66.1% stake in Thyrocare for Rs 4,546 crore

Online medicine delivery firm PharmEasy on Friday announced that its parent API Holdings Ltd (API) will acquire 66.1 per cent stake in Thyrocare for Rs 4,546 crore from Dr A Velumani and affiliates.

Thyrocare is the largest B2B player in the diagnostics space and has a network  of  3,330+ collection centres across in 2,000+ towns in India.

On  the  addition  of  Thyrocare  into  its  portfolio,  Mr  Siddharth  Shah,  CEO,  API Holdings said: “We are delighted to be partnering Thyrocare. We will provide world class customer experience  in  diagnostics,  rivalling  our  pharmacy  experience  by  leveraging  technology,  and building on top of the massive  scale & truly pan-India presenceof Thyrocare. It is our aim to deliver all outpatient healthcare products & services to every Indian within 24 hours.

Dr A Velumani will be separately acquiring a minority non-controlling stake, of less than 5 per cent in API as part of a series of equity investments by existing and new investors of API.

“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," said Dr A Velumani, Chairman & MD of Thyrocare.

The combined entity will have the ability to provide diagnostics and pharmacy services to 100 million-plus Indians within 24 hours, the company said in a statement. 

The landmark partnership will bring seamless, tech-enabled healthcare for consumers, doctors and suppliers, it further said. 

The  transaction is subject to regulatory and other applicable customary approvals.  

Docon Technologies Pvt Ltd, a 100 per cent subsidiary of API, will be the acquirer and shall make an open offer for an additional 26 per cent stake.