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Thyrocare is healthcare company of the year: VCCircle Awards

Thyrocare made a spectacular stock market debut in May last year, with its market value touching Rs 3,320 crore (around $500 million then) on the day of listing

Thyrocare Technologies Ltd, which became the second diagnostics chain to list on the Indian stock exchanges last year, has bagged the News Corp VCCircle healthcare company of the year award.

The Mumbai-based company beat four other nominees to walk away with the award at the glittering sixth annual VCCircle awards ceremony.

The winner was decided by an eminent panel of judges chaired by Arun Duggal, chairman of ICRA, an Indian subsidiary of ratings agency Moody’s.

Thyrocare was founded in 1996 by Arokiaswamy Velumani, who was born to a poor family in Appanaickenpatti Pudur village in Tamil Nadu. His battle against odds to build the company has been nothing short of a rags-to-riches story that has deservedly been raved about in the media.

The company reached its zenith last year when it made a spectacular debut on the stock exchanges, giving it a market value of Rs 3,320 crore (around $500 million then) on the day of listing.

Thyrocare had a network of seven labs including a central lab in Mumbai and 1,041 authorised service providers (ASPs) in 566 cities across the country, according to its annual report for 2016. Its revenues grew by 30.6% year-on-year to Rs 235.1 crore in the financial year ended 31 March 2016 while net profit rose 20% to Rs 58.75 crore during the period.

The diagnostics chain received its first external funding from Brand Capital, the investment arm of Bennett Coleman and Co Ltd, in 2006. Later in 2010, home-grown private equity firms CX Partners and Samara Capital invested $45.5 million in the company, giving an exit to Brand Capital. This was followed by an investment from venture capital firm Norwest Venture Partners in 2012.

Subsequently in April 2016, CX Partner sold a majority of its stake in Thyrocare IPO while Norwest Venture Partners and Samara Capital still retain their stake in the diagnostic firm.

Thyrocare was the second diagnostics company to list on the stock exchanges, pipping even larger peers including SRL Ltd, part of Fortis Healthcare, and Metropolis Healthcare.

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(Brand Capital)

Brand Equity Treaty Ltd. is the private investment arm of Bennett Coleman and Co. Ltd.(BCCL) with an approximately $2.5 billion assets under management. It invests across different stages of companies operating in India and United States of America with an objective of building brand value by advertising in BCCLs media properties. The firm seeks to invest in apparel and jewellery, auto, BFSI, consumer durables, education, FMCG, health and pharma, hospitality and travel, infrastructure, information technology, media and entertainment, real estate, retail and service sectors. It typically makes brand building investments between $0.01 and $75 million in its portfolio companies. Brand Capital was founded in 2005 and is based in Mumbai, Maharashtra.

Norwest Venture Partners is a venture capital and private equity firm with approximately $5 billion assets under management. It provides seed, early, expansion, growth and late stage capital to listed and unlisted companies operating in United States, India, Israel and China. The firm seeks to invests in retail, technology, education, media and entertainment, financial, logistics, healthcare, consumer, infrastructure, manufacturing, telecom, pharma and outsourced service sectors. It typically invests between $1 million and $30 million for venture capital and between $10 million and $100 million for growth capital in its portfolio companies. The company was founded in 1961 and is based in California, United States of America with additional offices in India and Israel. 

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