PharmEasy Sells 10% Stake In Thyrocare For INR 668 Cr

Distressed healthtech startup PharmEasy’s subsidiary Docon Technologies has offloaded 53.3 Lakh equity shares or about 10% stake in listed subsidiary Thyrocare via a bulk deal on October 24 (Friday).

The company raked in a total of INR 667.7 Cr share via the block deal, which valued each share at INR 1,252.03, a slight discount from Thyrocare’s Friday closing price of INR 1,265.40. The shares were lapped up by mutual funds (MF) Aditya Birla Sun Life MF, HDFC, HSBC Midcap fund, ICICI Prudential along with investors Neo Apex Venture and Eastspring Investments India.

Following this transaction, PharmEasy’s ownership in Thyrocare will reduce to 60.93% from the 70.98% stake it held previously.

Important to note that PharmEasy also pledged 3.23 Cr shares of Thyrocare to Catalyst Trusteeship Limited, the debenture trustee, as the collateral for an INR 1,700 Cr debt taken in September. The pledged shares represented about 60.99% of Thyrocare’s total share capital.

Founded in 2015, PharmEasy began as an online marketplace for medicines but expanded to diagnostic services with the acquisition of Thyrocare. In 2021, it acquired 66.1% stake in the listed diagnostics laboratories chain in June 2021 for INR INR 4,546 Cr, to diversify its verticals.

PharmEasy’s bet on Thyrocare did not drive the growth of the parent entity, but resulted in numerous challenges. Over the past few years, the startup has been facing mounting financial strains due to shrinking revenues, heavy losses, and high-interest loans.

Its valuation has crashed nearly 90% from its $5.6 Bn peak amid failed fundraises and IPO delays. High debt, weak unit economics, costly acquisitions like Thyrocare, and intense competition have compounded its liquidity and profitability challenges.

On the financial side, PharmEasy reported a net loss of INR 1,516.8 Cr in FY25, down 40% from INR 2,531.1 Cr in FY24. Meanwhile, its topline for FY25 stood at INR 5,872.1 Cr, up 4% from INR 5,664.2 Cr in the previous fiscal year.

The startup has also seen a turmoil in its leadership suite as of late. Cofounder and CEO Siddharth Shah stepped down from his role in August this year, while the rest of the cofounders Dharmil Sheth, Dhaval Shah and Hardik Dedhia stepped down in January to start an architectural and interior design startup called All Home.

However, Thyrocare has been seeing a steady growth financially, uninterrupted by the turmoil in PharmEasy’s progress.

Thyrocare’s profit surged 81% to INR 47.8 Cr in Q2 FY26 from INR 26.4 Cr in the year-ago quarter. Operating revenue stood at INR 216.5 Cr during the quarter under review up 22% from INR 177.4 Cr in Q2 FY25.