Thyrocare Acquires Polo Labs to Strengthen Northern India Presence

Thyrocare believes Polo Labs' expertise and market presence will enhance its diagnostic services and expand its reach in Northern India.

Thyrocare Technologies, a leading diagnostics company owned by PharmEasy, has acquired Polo Labs' pathology business in a strategic move to bolster its presence in Northern India.

Although the deal value remains undisclosed, this acquisition is expected to significantly enhance Thyrocare's reach and service capabilities in the region.

The acquisition will integrate Polo Labs' laboratories into Thyrocare's existing network.

Polo Labs Private, based in Punjab, is a pathology diagnostic company with 14 laboratories across Punjab, Haryana, and Himachal Pradesh.

By combining Polo Labs' regional presence with Thyrocare's advanced infrastructure, the company aims to deliver faster turnaround times, increased convenience for patients, and a broader range of diagnostic services.

The company states that the Polo Labs' expertise and established market presence will be valuable assets for Thyrocare, allowing it to expand its diagnostic services and better serve patients in Northern India.

This acquisition aligns with Thyrocare's strategic plan to enhance its diagnostic capabilities and provide improved services across the country.

Commenting on the acquisition, Rahul Guha, MD & CEO of Thyrocare Technologies, said, "This strategic acquisition will enhance our diagnostic capabilities and service offerings, leveraging Polo Labs' existing widespread network in North India. We are committed to a seamless integration and look forward to the growth and innovation this acquisition will bring. Together, we will continue to provide exceptional diagnostic services to a broader client base."

Founded in 1996 by Arokiaswamy Velumani, Thyrocare Technologies operates a fully automated diagnostic laboratory chain with a network spanning over 2,000 cities and towns globally.

In 2021, API Holdings, the parent company of e-pharmacy PharmEasy, acquired a controlling stake in Thyrocare with INR 4,546 Cr. This landmark transaction marked API Holdings as the first startup unicorn to purchase a publicly listed legacy company, Thyrocare, in India.

Thyrocare's core operations center around its 24/7 centralized processing laboratory in Navi Mumbai. This facility, covering over 200,000 square feet, uses automation to process over 75,000 samples and conduct over 375,000 tests daily with high accuracy.

Earlier in February 2024, Thyrocare acquired a 100% stake in Chennai-based Think Health Diagnostics to provide home electrocardiogram (ECG) services.

The financial details of this deal were not disclosed. On February 1, 2024, Thyrocare entered a share purchase agreement with Think Health Diagnostics and its existing shareholders.