PharmEasy-Owned Thyrocare To Acquire Pathology Diagnostic Business Of Polo Labs

PharmEasy-owned diagnostics platform Thyrocare Technologies is acquiring the pathology diagnostic business of Polo Labs to expand its presence in northern India.

In a statement, Thyrocare said it has entered into an agreement to acquire the Punjab-based pathology laboratories’ business. However, it didn’t disclose the deal value.

Polo Labs operates 14 laboratories across Punjab, Haryana, and Himachal Pradesh.

The PharmEasy-owned diagnostics platform said that the acquisition will expand its reach in the northern parts of India and further solidify its position as a dominant player in the Indian diagnostic industry.

“This strategic acquisition will enhance our diagnostic capabilities and service offerings, leveraging Polo Labs’ existing widespread network in North India. We are committed to a seamless integration and look forward to the growth and innovation this acquisition will bring,” said Rahul Guha, MD and chief executive of Thyrocare and president of API Holdings.

This is the second acquisition by Thyrocare. Earlier this year, it acquired a 100% stake in Chennai-based Think Health Diagnostics and a related party to offer ECG services at home

PharmEasy acquired Thyrocare, founded in 1996 by Arokiaswamy Velumani, in 2021.

Earlier this week, Thyrocare reported a 35% increase in profit after tax to INR 23.5 Cr in Q1 FY25 from INR 17.4 Cr in the same quarter of the previous fiscal. Revenue from operations surged 16.3% to INR 156.9 Cr during the June quarter from INR 134.9 Cr in Q1 FY24.

Meanwhile, PharmEasy is facing multiple troubles, including rising losses, valuation markdowns, funding woes, and mass layoffs. Earlier this year, the digital pharmacy raised INR 1,804 Cr ($216.2 Mn) at a 90% valuation cut.

PharmEasy’s net loss widened 31% to INR 5,211.7 Cr in FY23 from INR 3,992.4 Cr in the previous fiscal year. The unicorn’s operating revenue jumped 16% to INR INR 6,643.9 Cr during the year from INR 5,728.8 Cr in FY22.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.