The 6 year old tech start-up, has acquired a majority stake in Thyrocare, which is a publicly listed diagnostic chain for 612 million dollars at 1,300 rupees a share. This may be one of the most pivotal moments for the Indian Startup cultures. Bharat Pe-PMC Bank deal, BYJU’S acquisition of Aakash, and the Growth acquisition of the IndiaBulls AMC business – this signals a change in the Indian startup ecosystem where startups are looking to take advantage of non-tech businesses to proffer revenue growth along with scale. This is the first time a Unicorn has acquired a listed company.
It is also to be noted that Dr. A Velumani, Founder and MD of Thyrocare is investing INR 1,500 Cr for a 4.96% stake in API Holdings (parent company of Pharmeasy) “The Ghatkopar Gujju gang” consisting of Sidhharth Shah, Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia have recently raised $300M which will assist them in the acquisition of thyrocare.
According to reports Pharmeasy has raised 300M more, led by it’s existing investors, bringing in the total funding received by the health care start up since April to $650M. Most of it will be used to fund its ongoing acquisition of the diagnostic chain Thyrocare. After the deal the company plans to list in the next “six to eight months” , said Shah, who led the negotiations for thyrocare. An August 2020 Edelweiss research report says the Indian diagnostic market is estimated to have a size of $9 Bn (around INR 67,500 Cr), and would grow at a compounded annual growth rate (CAGR) of roughly 10% till 2025.