API Holdings Ltd (API), the parent company of India’s Largest Digital Healthcare Brand (PharmEasy), which was founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah, today announced the signing of definitive documents to acquire a 66.1 percent stake in Thyrocare Technologies Ltd (Thyrocare) from Dr. A Velumani and affiliates for INR 1,300 per share aggregating to INR 4,546 crs.
Regulatory and other customary clearances are required for the deal. The acquirer will be Docon Technologies Pvt Ltd, a 100 percent subsidiary of API, which will make an open offer for an additional 26 percent interest.
As part of a series of equity investments by existing and new investors in API, Dr. A Velumani will acquire a minority non-controlling position in the company worth less than 5%.
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 800mn Indians.
PharmEasy’s strong belief and commitment is to provide an integrated digital health platform that enables in democratizing quality healthcare to all Indians, and the company will leverage its deep technology expertise across every single part of the OPD value chain to achieve availability, affordability and accessibility for consumers.
On the addition of Thyrocare into its portfolio, Siddharth Shah, CEO, API Holdings commented “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 presence of Thyrocare. It is our aim to deliver all outpatient healthcare products & services to every Indian within 24 hours.”
Dr A. Velumani, Chairman & MD of Thyrocare, expressed “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.”
India, with one of the fastest-growing digital economies and digitally nascent healthcare sector, is on an exponential growth trajectory addressing the demand to improve quality, accessibility and convenience. From ordering medicines online to teleconsultations and now diagnostic services, amidst the pandemic there is a shift not only in consumer preferences but also the business approach and modus operandi by doctors, hospitals, pharmacies and clinics across the country.