• PharmEasy has signed a definitive agreement to acquire a majority stake in diagnostics firm Thyrocare Technologies Limited.
  • Thyrocare Technologies Limited has agreed to sell approximately 66.14% of its equity share capital equivalent to 3,49,72,999 equity shares to Docon Technologies Private Limited, a 100% subsidiary of PharmEasy’s parent API Holdings Ltd at cash consideration of 4546.49 crore.
  • This transaction has triggered an open offer for acquisition of up to 1.38 crore fully paid up equity shares representing 26% share capital of Thyrocare by Docon Technologies Private Limited at a price of Rs.1300 per offer share.


  • Launched in 2015, PharmEasy is a health tech startup offering services such as teleconsultation, medicine deliveries, and diagnostic test sample collection.
  • It helps patients connect with local pharmacy stores and diagnostic centers to fulfill their medical needs. It provides access to health products with savings in the shortest time possible.
  • It delivers medicines in 1000+ cities in India, covering 22000+ pin codes.

Thyrocare Technologies Limited:

  • Thyrocare Technologies Limited was incorporated in January, 2000. It is a pan-India diagnostic chain that conducts an array of medical diagnostic tests.
  • It operates with a Centralized Processing Laboratory (CPL) in Mumbai for esoteric tests and Regional Processing Laboratory in major metro cities of India and other parts of Asia.
  • Thyrocare has 1,122 outlets and collection centers across India and parts of Nepal, Bangladesh and the Middle East.


  • This acquisition is first instance when an Indian unicorn startup is acquiring a listed company.
  • Price of Thyrocare jumped 6.23% on BSE from Rs.1364.10 to Rs.1448.05 at the declaration of acquisition.
  • PharmEasy cofounder Siddharth Shah said to Economic Times that the deal brings together a digital health platform with Thyrocare which has the lowest cost structure with highest volumes and widest network.
  • PharmEasy’s investment in Thyrocare will be in technology, improving consumer experience and creating a business which is also very strong in B2C front.
  • He also said that PharmEasy wants to double its e-pharmacy business in next 2 to 3 years and is open to further acquisitions and looking at insurance sector also.
  • As we have covered earlier healthcare diagnostic and e-pharmacy sector has seen renewed investor interest and consolidation with number of deals like Metropolis acquiring Dr.Ganesan’s in January 2021 and Genworks acquiring IRIS in December 2020 while RIL and Tata have entered e-pharmacy business.



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