Mumbai: API Holdings Limited (API), Origin Co. India’s largest digital healthcare brand, (PharmEasy) has entered into definitive agreements to acquire 66.1% stake in Thyrocare Technologies Limited (Thyrocare) from Dr. A Velumani and associate companies at a price of Rs 1,300 per share at Rs 4,546 crore. It has signed its position as the largest digital healthcare brand in India.
Dokken Technologies Pvt Ltd, a 100% subsidiary of API, will acquire and make an open offer for an additional 26% stake, a company statement said, making it the first acquisition of a listed company by an Indian unicorn.
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Dr. A Velumani will separately acquire a minority non-controlling stake of less than 5% in API as part of a series of equity investments by existing and new investors of API.
Commenting on the deal, Mr. Siddharth Shah, CEO, API Holdings said, “We are delighted to partner with Thyrocare. We will deliver a world-class customer experience in diagnostics, leverage technology to rival our pharmacy experience, and build on top of Thyrocare’s massive and truly pan-India presence. We aim to deliver outpatient health care products and services to every Indian within 24 hours.”
Founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah, PharmEasy has become India’s #1 Online Pharmacy & Diagnostics brand with a loyal base of 12mn+ consumers, with 6,000+ digital consultation clinics and a network of 90,000+ partner retailers is. country.
Thyrocare is India’s leading diagnostic solutions provider by volume and performs over 110 million tests annually. It is the largest B2B company in the diagnostics space and has a network of 3,330+ collection centers in over 2,000 cities in India.
Thyrocare Chairman and MD Dr. A. Velumani said, “I am excited about this association, which is one of its kind in the Indian healthcare industry. Thyrocare’s unparalleled reach and strength in diagnostics combined with PharmEasy’s young and dynamic team will bring better healthcare solutions to the common man across the country.
The synergy of India’s largest digital health platform and one of the largest, cost-effective diagnostic solution providers (by volume) to accelerate the delivery of high quality diagnostic and OPD services across the entire continuum of patient care to nearly 800 million Indians Will bring .
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India, one of the fastest growing digital economies and the digitally nascent healthcare sector, is on an exponential growth trajectory addressing the demand for improvements in quality, access and convenience. From online ordering of medicines to tele-consultation and now diagnostic services, the pandemic has transformed not only consumer preferences but also the business approach and practices of doctors, hospitals, pharmacies and clinics across the country.
The deal came after 32-year-old Siddharth Shah, co-founder and CEO of API Holdings, met Dr. A Velumani, 62, a diagnostic services veteran who was Thyrocare’s chairman at Monsoon. masala chai At the residence of Thyrocare Chairman.
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