Thyrocare Technologies Limited is an

Indian Indian or Indians may refer to: Peoples South Asia * Indian people, people of Indian nationality, or people who have an Indian ancestor ** Non-resident Indian, a citizen of India who has temporarily emigrated to another country * South Asia ...

multinational chain of diagnostic and

preventive care Preventive healthcare, or prophylaxis, consists of measures taken for the purposes of disease prevention.Hugh R. Leavell and E. Gurney Clark as "the science and art of preventing disease, prolonging life, and promoting physical and mental hea ...

laboratories, headquartered in

Navi Mumbai Navi Mumbai (), is a planned city situated on the west coast of the Indian subcontinent, located in the Konkan division of Maharashtra state, on the mainland of India. Navi Mumbai is part of the Mumbai Metropolitan Region (MMR). The city is ...

Maharashtra Maharashtra (; , abbr. MH or Maha) is a states and union territories of India, state in the western India, western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the List of states and union te ...

. The company has a total of 1,122 outlets (As of 2021) and collection centers across

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

and parts of

Nepal Nepal (; ne, नेपाल ), formerly the Federal Democratic Republic of Nepal ( ne, सङ्घीय लोकतान्त्रिक गणतन्त्र नेपाल ), is a landlocked country in South Asia. It is mai ...

Bangladesh Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...

and the

Middle East The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabian Peninsula, Arabia (including the Arabian Peninsula and Bahrain), Anatolia, Asia Minor (Asian part of Turkey except Hatay Pro ...

. On 26 June 2021, Indian e-pharmacy and online healthcare aggregator PharmEasy's parent API Holdings acquired a 66.1% controlling stake in Thyrocare, making Thyrocare the first Indian listed company to be acquired by a startup.

History

Thyrocare was started in 1996, by A. Velumani, ex-scientist at

Bhabha Atomic Research Centre The Bhabha Atomic Research Centre (BARC) is India's premier nuclear research facility, headquartered in Trombay, Mumbai, Maharashtra, India. It was founded by Homi Jehangir Bhabha as the Atomic Energy Establishment, Trombay (AEET) in January 195 ...

(BARC),

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...

. The first laboratory was set up in

Byculla Byculla (ISO: Bhāykhaḷā; pronunciation: ʱaːjkʰəɭaː is an area of South Mumbai. Location Byculla is neighboured by Nagpada and Mumbai Central and Mahalaxmi on the west; Agripada, Jacob Circle on the north-west: Chinchpokli to the nor ...

, Mumbai, with an initial focus on thyroid testing considering a huge potential for thyroid testing in

. The laboratory was later shifted to a larger set-up, its main headquarters and central processing laboratory at

. The company introduced a franchisee model for procuring samples to be sent for testing at their central laboratory in

. Thyrocare initially started with thyroid testing but now has more than 350+ tests and packages to encourage effective testing and more than 83 odd profiles comprising different tests for preventive care and wellness under its brand Aarogyam. Thyrocare also played one of the biggest role in India during the COVID-19 surge, it carried out more than 8 Lacs test a month. Thyrocare's 68% of business comes from the DSA model to promote its services. In 2010, Thyrocare raised its first private equity funding with INR 188 crore from New Delhi-based CX Partners for a 30% stake. It set up a subsidiary, Nuclear Healthcare Limited, which uses PET-CT to detect and locate cancerous cells. In 2014, Siemens Healthcare's Diagnostic Division installed its world's largest laboratory automation track – Aptio Automation – at its laboratory in Mumbai. Thyrocare became the first laboratory in India to install this automation by

Siemens Siemens AG ( ) is a German multinational conglomerate corporation and the largest industrial manufacturing company in Europe headquartered in Munich with branch offices abroad. The principal divisions of the corporation are ''Industry'', '' ...

. In April 2016, Thyrocare made its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

(IPO), and became the second diagnostic firm in India to be listed on BSE and NSE. In 2021, PharmEasy parent API Holdings acquired a 66.1% stake in Thyrocare Technologies Ltd.

Controversies

In April 2020,

Brihanmumbai Municipal Corporation The Brihanmumbai Municipal Corporation (BMC; IAST: ), also known as the Municipal Corporation of Greater Mumbai (MCGM), is the governing civic body of Mumbai, the capital city of Maharashtra. It is India's richest municipal corporation. The BMC ...

issued a

show cause notice An order to show cause is a type of court order that requires one or more of the parties to a case to justify, explain, or prove something to the court. Courts commonly use orders to show cause when the judge needs more information before decidi ...

to Thyrocare over lapses in its testing of Covid-19 samples and ordered the company to stop testing as "incomplete or wrong information about patients were found in the reports". In May 2020,

Panvel Municipal Corporation Municipal Corporation of The City of Panvel is the governing body of the city of Panvel in Raigad district. Municipal Corporation mechanism in India was introduced during British Rule with formation of municipal corporation in Madras (Chennai) in ...

ordered Thyrocare to stop testing samples in Panvel city limits as the lab was producing false positive reports. In June 2020, the

Navi Mumbai Municipal Corporation The Navi Mumbai Municipal Corporation (NMMC) is the municipal organisation of Navi Mumbai, Maharashtra. On 17 December 1991 NMMC was constituted. NMMC came in to existence on January 1, 1992. Headquarters NMMC is considered one of the most ...

demanded cancellation of Thyrocare's registration after discrepancies in the lab's report led to a patient's death, while

Thane Municipal Corporation Thane Municipal Corporation is the governing body of the city of Thane in the Indian state of Maharashtra. The municipal corporation consisting of democratically elected members, is headed by a mayor and administers the city's infrastructure, p ...

banned Thyrocare in the city for producing false positive reports. In July 2020, a Thyrocare lab in

Pune Pune (; ; also known as Poona, (List of renamed Indian cities and states#Maharashtra, the official name from 1818 until 1978) is one of the most important industrial and educational hubs of India, with an estimated population of 7.4 million ...

was banned from conducting Covid-19 tests after producing false positive reports.

References

{{Reflist Laboratories in India Indian companies established in 1996 Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange Companies based in Mumbai Health care companies of India