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Diagnostic and preventive healthcare service provider Thyrocare announced on Monday the acquisition of a 100 per cent stake in Chennai-based Think Health Diagnostics for an undisclosed sum. The share purchase agreement was finalised on February 1, 2024, marking Thyrocare's entry into the domain of ECG services at home.
With this strategic acquisition, Thyrocare will expand its footprint in the pre-policy medical check-up segment for the insurance market. This allows them to offer insurance partners a one-stop solution for both blood tests and ECGs, deepening their presence in the annual health check-up and pre-policy check-up markets.
Commenting on this, Piyush Singh, Head of Partnerships at Thyrocare Technologies, stated, "Think Health Diagnostics' great work in doing ECGs at home fits perfectly with our plans for the Pre-Policy Medical Check-Up market. We're looking to expand these services to more than 100 cities in the next year, making it easier for people to get the healthcare they need."
The combined entity will leverage Think Health's operational presence in 10 cities - Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kanpur, Mumbai, Pune, Surat, and Jaipur.
The merger brings together Thyrocare's existing network of over 900 blood collection phlebotomists with Think Health's expertise in home healthcare technology and ECG services. This creates a combined network of over 100 phlebotomists trained to provide ECGs at home, offering enhanced service delivery and a convenient patient experience.
Karkavel, CEO & Director of Think Health Diagnostics, stated, "This acquisition marks a pivotal moment in our growth trajectory. Together, we will leverage our extensive network and expertise to create an unparalleled offering, delivering seamless healthcare directly to patients' doorsteps.”
Thyrocare Technologies is an automated laboratory chain with a presence in over 2000 cities across the country and internationally. They focus on providing quality diagnostic services. Their extensive network of trained phlebotomists and advanced diagnostic labs ensure efficient and accurate services. In 2021, Pharmeasy acquired a 66 per cent stake in Thyrocare Technologies for ₹4,546 crore from its founder Arokiaswamy Velumani.
