MUMBAI, INDIA, Leading medical diagnostics services provider based in Mumbai, today announced that it has entered into a binding agreement to receive INR 120 crores from Norwest Venture Partners.
Thyrocare Technologies Limited, a leading medical diagnostics services provider based in Mumbai, today announced that it has entered into a binding agreement to receive INR 120 crores from Norwest Venture Partners (NVP). Thyrocare will use the new capital to fund further expansion of its business. Also a part of today's announcement, Sohil Chand, Managing Director of NVP India, will join Thyrocare's board of directors.
The diagnostics market in India is INR 10,000 crore in size and growing rapidly, as consumer awareness and education around preventive healthcare is leading to increased spending on higher quality testing. Thyrocare, with a "single laboratory for Billion Population" model, is a sector leader in India. Thyrocare's experienced and visionary management team has built a broad presence across India and operates the largest network in the Asia Pacific region. The company's network of 20,000 service centers spans 1,000 cities across India, covers more than 100,000 doctors through 600 franchisees, and processes over 100,000 investigations each night. Thyrocare's business is built around strong and efficient logistics and the extensive and innovative use of information technology, such as proprietary analyzer and laboratory automations that are unique to the company. Thyrocare remains an undisputed leader in the numerical pathology space, where its enhanced work efficiencies result in lower general preventive care costs for consumers -- particularly in Thyroid testing.
Commented Dr. A Velumani, MD and CEO of Thyrocare Technologies Limited: "This second, successive and significant investment from a globally acclaimed investor like NVP is a testimony for the health of the diagnostic industry and Thyrocare's leadership position in the space. When CX partners invested, we were motivated and ventured into Nueclear, (the in-vivo segment). Now with NVP investing, we will be exploring global markets. The enhanced management bandwidth will facilitate scaling up the in-vitro model globally and in-vivo model nationally, to a desired size and with relative ease."
Ajay Relan, Managing Partner, CX Advisors, said: "We are very pleased to have Norwest as a shareholder in Thyrocare. The firm's expertise and network in healthcare and technology will add muscle to the already formidable strength of the Thyrocare franchise."
Added Sohil Chand, NVP India: "Thyrocare makes healthcare more easily accessible and affordable to millions of people throughout India. The company provides highly differentiated, comprehensive, low cost preventive tests to the masses that can ultimately save lives. Furthermore, Thyrocare is a highly profitable organization that is on a strong growth trajectory due to its unique business model, strong management team and significant traction to date. We are excited to work with Thyrocare's talented and experienced team and invest in a proven company that is making such a tremendous impact on the Indian healthcare system."
About Thyrocare Technologies Limited (TTL)
Thyrocare Technologies Limited is the industry leader, trend setter and innovator in the Indian Diagnostic industry. Thyrocare's network of 20,000 service centers spans 1000 cities across India, covers more than 100,000 doctors through 600 franchisees, and comprises more than 25,000 sample collection points. Thyrocare operates the largest single location diagnostics laboratory in the Asia Pacific region which is certified ISO 9001-2000, and accredited by NABL (National Accreditation Board for Testing and Calibration Laboratories) as well as the College of American Pathologists (CAP), a global accrediting organization. Thyrocare's unique, centralized laboratory concept ensures the production of consistent, high quality reports, and the ability for world-class diagnostic services to be brought to all corners of the country at costs everyone can afford. For more information, please visit www.thyrocare.com
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a multi-stage investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages over $3.7 billion in capital and has funded more than 500 companies since inception. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel and Hong Kong. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, healthcare, financial services, infrastructure, technology enabled services and consumer. For more information visit: www.nvp.com.
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