PharmEasy-Owned Thyrocare To Acquire Think Health Diagnostics To Offer ECG Services At Home

PharmEasy-owned diagnostics platform Thyrocare is acquiring a 100% stake in Chennai-based Think Health Diagnostics and a related party to offer ECG services at home. 

Thyrocare entered into a share swap agreement with Think Health Diagnostics and its existing shareholders earlier this month for this deal, the laboratory chain said in a statement.

Besides ECG services, the acquisition will also help Thyrocare tap the insurance segment. 

Think Health Diagnostics currently has a presence in 10 cities in the country, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kanpur, and Mumbai.

 The acquisition will create a phlebotomy network with 100+ phlebotomists trained to provide ECG services at home in addition to Thyrocare’s existing network of 900+ blood-collection phlebotomists, the statement said.

Commenting on the acquisition, Think Health Diagnostics CEO and director Karkavel said, “… United, we look forward to a future of expansion and growth, committed to serving a wider patient base and delivering the best possible healthcare experience.” 

Thyrocare claims to be one of the country’s oldest diagnostic laboratories to obtain internationally renowned quality accreditations including ISO 9001-2000 rating as early as 2001, which was upgraded to ISO 9001:2015 and National Accreditation Board for Testing and Calibration Laboratories (NABL) and College of American Pathologists (CAP) accreditations in 2005.

Thyrocare claims to have a presence in over 2,000 cities/towns nationally and internationally. Many laboratories and hospital brands across the country use the test profile menu offered by Thyrocare.

API Holdings, the parent company of PharmEasy, acquired a majority stake in PharmEasy in 2021. The Mumbai-based company acquired a 66.1% stake in Thyrocare for INR 4,546 Cr.

PharmEasy reported an operating revenue of INR 6,643.9 Cr in the financial year 2022-23 (FY23), a jump of 16% from INR 5,728.8 Cr in the previous fiscal year.  Excluding impairment loss, its net loss declined 16% to INR 2,289.8 Cr during the year under review from INR 2,731.7 Cr in FY22. 

PharmEasy, which shelved its IPO plans in 2022, was facing a severe cash crunch last year. However, it recently managed to raise INR 3,500 Cr (around $424 Mn) in a rights issue.