API Holdings Ltd (API), the parent co. of India’s Largest Digital Healthcare Brand, (PharmEasy), founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah, today announced the signing of definitive documents to acquire 66.1% stake in Thyrocare Technologies Ltd (Thyrocare) from Dr A Velumani and affiliates at a price of `1,300/share aggregating to `4546 crores.
The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies Pvt Ltd, a 100% subsidiary of API, will be the acquirer and shall make an open offer for an additional 26% stake. Dr. A Velumani will be separately acquiring 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.
PharmEasy is India’s #1 online pharmacy and diagnostics brand, RetailIO – India’s largest B2Bpharma marketplace & seller, and DocOn – a leading consultation and EMR platform. The company has a loyal base of 12mn+ consumers, a network of 6,000+ digital consultation clinics and 90,000+ partner retailers across the country.
Thyrocare is India’s #1 diagnostics solution provider by volume with over 110mn tests performed annually. It is the largest B2B player in the diagnostics space and has a network of 3,330+ collection centres across 2,000+ towns in India.
In the press release commenting on the synergy of the deal ‘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.
Dr A. Velumani, Chairman & MD of Thyrocare commented on the deal “I am excited about this relationship, unique of its kind in the Indian Healthcare Industry. The unique reach and strength of Thyrocare in Diagnostics blended with a young and dynamic team of PharmEasy will bring in better healthcare solutions for the common man nationwide.”
