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Thyrocare Technologies Ltd.
Public company
Traded as BSE:  539871 [1] NSE:  THYROCARE [2]
Number of locations
8 [3]
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 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 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]



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]

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