PharmEasy-backed Thyrocare has acquired diagnostic service provider Think Health for Rs 32.21 lakh, enabling it to enter the at-home ECG services and insurance categories.
Thyrocare now owns a 100% stake in Chennai-based Think Health through an all-cash deal.
Think Health offers phlebotomy and report analysis services along with para-medical services including at-home ECG service. The deal will allow Thyrocare access to Think Health’s footprint across 10 cities including Chennai, Jaipur, Kanpur, and Ahmedabad, it said in a statement on Monday.
The listed company shared details of the acquisition with the stock exchanges through a filing on February 1.
The synergy between and Think Health Diagnostics is poised to create India’s largest home phlebotomy network with over 100 phlebotomists trained to provide ECG services at home in addition to Thyrocare’s existing network of more than 900 blood-collection phlebotomists, the firm noted in the statement.
“With the strategic acquisition of Think Health Diagnostics, we are well-positioned to expand our footprint in pre-policy medical checkups for the insurance segment. This will allow us to give our insurance partners a one stop solution for blood and ECG testing and further deepen our presence in the Pre Policy Medical Checkup and Annual Health Checkup market,” Rahul Guha, MD and CEO of Thyrocare Technologies, said.
“Our vision is to scale these services nationwide, leveraging our robust at-home service network and spearheading advancements in comprehensive healthcare accessibility for all across India,” Guha added.
Karkavel, CEO and Director of Think Health, added, “Thyrocare’s strategic alignment with Think Health’s home diagnostics expertise is undeniable. Together, we will leverage our extensive network and expertise to create an unparalleled offering, delivering seamless healthcare directly to patients’ doorsteps.”
Thyrocare posted an operational revenue of Rs 134.7 crore in the quarter ended December 31, 2023, up 5% from Rs 128 crore in the same period last year.
Profit for the quarter stood at Rs 15.3 crore against Rs 14.7 crore in the year-ago period, a marginal rise hurt by higher expenses.
Edited by Affirunisa Kankudti
