Budget 2023Budget 2023
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

Emotional Dr Velumani says he “moved fast for a change” as he sold Thyrocare to PharmEasy

Dr A Velumani and his family will sell their 66.1 percent stake in Thyrocare to PharmEasy for Rs 4,546 crore. It’s a bumper value-unlocking for the family in the best year possible for the diagnostics business during the pandemic. The need for a change and de-risking are some of the key reasons for the sale, said Dr Velumani.

June 28, 2021 / 05:56 PM IST
A Velumani, CMD & CEO of Thyrocare Technologies (Image Source

A Velumani, CMD & CEO of Thyrocare Technologies (Image Source

It’s an emotional moment for Dr A Velumani, a scientist who built Thyrocare from scratch in 1995 and is now selling it to online pharmacy PharmEasy. His excitement and confidence are palpable.

“One plus one is not two, but probably five. So it’s a very rare, unique combination, first time of its kind in the diagnostics space,” Dr Velumani said.

Asked why he’s selling the company he founded, Dr Velumani said, “The company has not been doing as well as it was doing earlier. My wife was the strength behind that growth over the last five years, especially last out of five years, three years it was just blank… There was no financial constraint, there was no emotional constraint at all. My children are old enough to run it. Somewhere I felt, let’s look at some change.”

The founder-promoter of Thyrocare said his family held a large chunk of the company’s shares and was advised not to take on such a large risk. He enumerated the benefits and power of aggressive large investors behind a company.