API Holdings (API), the parent company of PharmEasy announced on June 25 that it was acquire 66.1 percent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.
Founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia and Siddharth Shah, API Holdings said that the transaction is subject to regulatory and other applicable approvals. Docon Technologies, a 100 percent subsidiary of API, will be the acquirer and will make an open offer for an additional 26 percent stake.
In a statement, API Holdings said that Dr A Velumani will be separately acquiring a minority non-controlling stake, of less than 5 percent in API as part of a series of equity investments by existing and new investors of API.
PharmEasy has a 12 million customer base, including a network of 6,000+ digital consultation clinics and 90,000+ partner retailers across the country. It serves over 1 million patients for their pharmacy and diagnostics needs, conducts over 3 lakh consultations, and issues over 1 million digital prescriptions on a monthly basis.
On the addition of Thyrocare into its portfolio, CEO, API Holdings Siddharth Shah said, "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 and MD of Thyrocare added, "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."
First Published: IST