Thyrocare Technologies Limited is a chain of diagnostic and preventive care laboratories, based in Navi Mumbai.[3] The company has 1,122 outlets and collection centers across India and parts of Nepal, Bangladesh and the Middle East.[3][4]

Thyrocare Technologies Ltd.
Public company
Traded asBSE539871[1] NSETHYROCARE[2]
Number of locations
Key people
Dr. A. Velumani (CEO & MD)
A. Sundararaju (Director & CFO)
Indumati Gopinathan (Director)
RevenueINR 1,870.46 Million FY2015[4]
Number of employees
1200 (2018)[5]


Thyrocare was started in 1996, by A. Velumani, ex-scientist at Bhabha Atomic Research Centre (BARC), Mumbai, Maharashtra. The first laboratory was set up in Byculla, Mumbai, with an initial focus on thyroid testing considering a huge potential for thyroid testing in India.[4][6] The laboratory was later shifted to a larger set-up, its main headquarters and central processing laboratory at Navi Mumbai. The company introduced a franchisee model for procuring samples to be sent for testing at their central laboratory in Mumbai.[6]

Thyrocare mainly deals with thyroid testing along with more than 200 tests and 50-odd profiles comprising different tests for preventive care and wellness under its brand, Aarogyam.[7]

In 2010, Thyrocare raised its first private equity funding with INR 188 crore from New Delhi-based CX Partners for a 30% stake.[8] It set up a subsidiary, Nuclear Healthcare Limited, which uses PET-CT to detect and locate cancerous cells.[7][9][10]

In 2014, Siemens Healthcare's Diagnostic Division installed its world's largest laboratory automation track – Aptio Automation – at its laboratory in Mumbai. Thyrocare became the first laboratory in India to install this automation by Siemens.[11]


  • Grade A by CRISIL for Very Good Quality of delivered service.[12]
  • ISO 9001:2008 certification.[13]
  • National Accreditation Board for Testing and Calibration Laboratories (NABL).


In April 2016, Thyrocare made its initial public offering (IPO). The Economic Times reported with "NSE showed the issue received cumulative bids for 55.08 crore shares, or 73.24 times the total issue size of 75.21 lakh shares on Friday."[14] Thyrocare is the second diagnostic firm in India to be listed so far.[9]


  1. ^ "BSE Listing". Retrieved 24 September 2016.
  2. ^ "NSE Listing". Retrieved 24 September 2016.
  3. ^ a b c "Thyrocare Technologies IPO today: 10 things to know before investing". The Financial Express. 27 April 2016. Retrieved 15 September 2016.
  4. ^ a b c "An Indian farmer's son is now worth more than $300 million after his health care firm's IPO, Rags to Riches". Quartz India. 13 May 2016. Retrieved 15 September 2016.
  5. ^ "A Velumani: Life, loss and white lies". Business Standard. 4 June 2016. Retrieved 24 September 2016.
  6. ^ a b "Thyrocare Technologies: Testing new waters in medical diagnostics, Hidden Gems". 10 September 2015. Retrieved 24 September 2016.
  7. ^ a b "Thyrocare IPO details - Should you invest?". Indian Share Broker. 22 April 2016. Retrieved 15 September 2016.
  8. ^ "A panacea for the masses". The Smart CEO. 1 December 2012. Retrieved 15 September 2016.
  9. ^ a b "Thyrocare: Strong base, multiple new triggers". SmartInvestor. 26 April 2016. Retrieved 16 September 2016.
  10. ^ "Nueclear Healthcare Limited Secures INR 22 Crores From Norwest Venture Partners (NVP)". marketwired. 18 January 2013. Retrieved 16 September 2016.
  11. ^ "Siemens installs 'Aptio automation solution' lab at Thyrocare, Diagnostics". 22 July 2014. Retrieved 16 September 2016.
  12. ^ "CRISIL assigns Grade A to Thyrocare Laboratory". 30 October 2006. Retrieved 16 September 2016.
  13. ^ "Thyrocare IPO opens on Apr 27, Price Band fixed at Rs 420 to Rs 446 per share". The Free Press Journal. 21 April 2016. Retrieved 16 September 2016.
  14. ^ "Thyrocare Technologies IPO draws huge response, subscribed 73.24x". ET Markets. 30 April 2016. Retrieved 16 September 2016.