SUMMARY
Velumani plans to select seed-stage startups with considerable growth potential, and target entities with at least INR 5 Cr in turnover
For the past two years, Velumani has been mentoring small business owners
Velumani rose to prominence after Thyrocare’s public listing in 2016
Thyrocare founder Arokiaswamy Velumani has joined hands with Young Entrepreneurs Association (YEA) and Magnifiq Capital Trust to invest up to INR 50 Cr in Indian startups.
As per YEA’s statement, the initiative not only involves financial support from Velumani but also includes mentorship for promising startups.
The announcement was made at YEA’S Annual General Meeting held on April 27 in Hyderabad.
Velumani plans to select seed stage startups with considerable growth potential, and target entities with at least INR 5 Cr in turnover.
Velumani rose to prominence after Thyrocare’s public listing in 2016. Nearly 26 years after its establishment, PharmEasy’s parent company, API Holding Ltd, acquired a 66% stake in Thyrocare for approximately INR 4,546 Cr in 2021.
For the past two years, Velumani has been mentoring small business owners, recognising that in today’s landscape, monetary investments alone may not yield optimal returns.
Established in 2012, YEA serves as a hub for innovators and business leaders. It is committed to fostering an ecosystem conducive to growth, mentorship, and collaboration, while also facilitating access to valuable resources, knowledge, and networks.
“Over the past decade, YEA has been pivotal in supporting startups through investments and mentorship, and with this initiative, we aim to further amplify our impact on India’s startup landscape,” YEA president Subhakar Alapati said in a statement.
YEA’s past investments include premium beermaker Bira 91 and consumer electronics brand Boat.
The development comes a month after Thyrocare announced its acquisition of a 100% stake in Chennai-based Think Health Diagnostics and a related party. This move is aimed at expanding Thyrocare’s services to include offering ECG services at home.
Thyrocare claims to be one of the country’s oldest diagnostic laboratories to obtain internationally renowned quality accreditations including ISO 9001-2000 rating as early as 2001, which was upgraded to ISO 9001:2015 and National Accreditation Board for Testing and Calibration Laboratories (NABL) and College of American Pathologists (CAP) accreditations in 2005.
