July 25, 2024, Bengaluru, India
Thyrocare is a healthcare and diagnostic service-providing startup that acquired Polo Lab’s Pathology Diagnostic company. The startup plans to enter the Northern market of India and expand its services through this acquisition. The company has secured around $63.6 million since its inception. API Holdings acquired Thyrocare for 613 million USD in 2021. The company reported an increase in profit when the COVID-related testing and diagnosis services were in huge demand.
Polo Labs uses advanced technologies with modern and efficient equipment to provide quality results and meet the expectations of its clients. The startup offers an online platform to book an appointment and find labs near the user. Polo Labs provides affordable and accessible diagnostic services in its 14 laboratories across the cities including Punjab, Himachal Pradesh, Haryana, and Jammu & Kashmir. This deal will benefit both companies as this will allow them to join their technologies, and workforce, and bring more innovative diagnostic solutions to the customers.
Thyrocare provides quality reports at affordable prices to hospitals and laboratories across India. The company also provides its mobile application and a website. This Mumbai-based startup operates in more than 2,000 cities globally and locally. The company mentioned that it acquired Polo Labs as a part of its strategic approach to enter Northern India. This will also allow the company to enhance its diagnostic capabilities and extend its clients and customer base in India. The startup initially started with Thyroid lab tests but it expanded its categories to more than 350 tests and packages to promote effective testing.
The Pathology diagnostic company Polo Labs will enable Thyrocare to expand its offerings in the Northern market. The B2C healthcare startup secured the highest funding amount of $41 million in its series B funding round. The startup data platform, Traxcn mentioned the annual revenue for the firm to be around Rs 581 crore in FY24. This deal is part of Thyrocare’s aim to strengthen its global market network. The development came just after the healthcare sector in India saw increased interest from investors. The company may introduce new solutions to offer better diagnoses. The healthcare and diagnostic startup faces competition from other companies in this sector like Krsnaa Diagnostics, Medall, Suraksha Diagnostics, and Sonoscan, among others.
Conclusion:
Thyrocare is a diagnostic service-providing healthcare startup based in Mumbai. The company specializes in offering diagnostic solutions and healthcare services to its clients. The startup acquired Polo Labs to expand its services in the Northern Indian healthcare market. The startup provides more than 350 tests and packages to its customers. Polo Labs operates 14 laboratories in cities including Punjab, Haryana, and Himachal Pradesh. The acquisition will allow Thyrocare to expand its services and use Polo Labs’ technologies. This will also help the firm to increase its clients and customer base. Thyrocare aims to enhance its service offerings and strengthen its position in the Indian healthcare sector. The development ca,e just after the healthcare sector saw an increase in its growth.
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