Started with a seed capital of Rs. 2 lakh by Dr. A Velumani, Chairman, Thyrocare Technologies is close to 1300 franchisees at present. In a short interaction with Deepankar Hemnani, he shares about his journey that started from a scratch.
The present day Thyrocare that has emerges to be a giant diagnostic empire was once just a vision to make a state-of-the-art diagnostic centre available to every nook and corner of the country. Started with a seed capital of Rs. 2 lakh from the provident fund by Dr. A Velumani, Chairman, Thyrocare Technologies, Thyrocare is close to 1300 franchisees at present. In a short interaction with Deepankar Hemnani, he shares about his journey that started from a scratch.
Q.1) Please tells us briefly about your entrepreneurial journey? What have been the main challenges and how have you dealt with them?
After 12 years of experience, I and my wife started Thyrocare. We were the only two employees of Thyrocare at that time. I learnt the ropes of business from my associates by assisting them in their business, without asking for a single penny, since my main objective was to learn intricacies of running the business. I would do the marketing during the day and the tests during the night.
How has the industry changed over the years?
When I began operating Thyrocare, the diagnostics industry was mainly operated by the unorganized players. Moreover I observed that in the year 1995 only 1% of the total diagnostics was preventive care, remaining 99% was sick care. Today after 20 long years around 7-8% of the industry is preventive care, and as the lifestyle trends are changing in this country I think this percentage will double in next few years. We have come a long way in these two decades, starting off from one single facility in 1996 offering Thyroid testing; today we have around 1300 Thyroid Service Providers all across India with a battery of 208 tests across 2500 parameters and Thyrocare caters to almost 2000 cities and towns across India.
What are your expansion plans? How many franchised centers you planning by this fiscal?
We aim to reach at least 5000 TSP by the year 2020 and we want our TSP's to be present in every pin code across India.
Recently, Thyrocare's initial public Offering was overwhelmingly oversubscribed. What according to you has been the core belief of the people to invest in Thyrocare? ‘’
The recent response in the IPO shows the confidence people have on the business model. Thyrocare has seen a consistent growth of plus or minus 25% for several years and the management is confident to keep the same pace of growth. Good fundamentals, highest EBIDTA in the industry, aggressive management, focus on wellness as a segment; growing industry has enhanced the trust of investors in the brand.