API Holdings Ltd (API), the parent co. of India’s Largest Digital Healthcare Brand, (PharmEasy), founded by Dharmil Sheth, Dhaval Shah, Harsh Parekh, Hardik Dedhia, and Siddharth Shah, announced the signing of definitive documents to acquire a 66.1% stake in Thyrocare Technologies Ltd (Thyrocare) from Dr. A Velumani and affiliates at a price of INR 1,300 per share aggregating to INR 4,546 crs.

The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies Pvt Ltd, a 100% subsidiary of API, will be the acquirer and shall make an open offer for an additional 26% stake.

Dr. A Velumani will be separately acquiring a minority non-controlling stake, of less than 5% in API as part of a series of equity investments by existing and new investors of API.

The collaboration between PharmEasy and Thyrocare is unique and transformative for the Indian healthcare sector, consumers, and the entire healthcare ecosystem. This will accelerate the delivery of high-quality diagnostic and OPD services across the full continuum of patient care to nearly 800mn Indians.