Velumani intends to pick seed-stage firms with significant growth potential, and target organizations with at least INR 5 crore in revenue. For the last two years, Velumani has been mentoring small business entrepreneurs. Velumani rose to popularity following Thyrocare’s public listing in 2016.
Thyrocare founder Arokiaswamy Velumani has partnered with the Young Entrepreneurs Association (YEA) and Magnifiq Capital Trust to invest up to INR 50 crore in Indian entrepreneurs.
According to YEA, the effort comprises both financial help from Velumani and mentorship for prospective firms.
The statement was made at the YEA Annual General Meeting on April 27 in Hyderabad.
Velumani intends to pick seed-stage firms with significant growth potential, with a goal turnover of at least INR 5 crore.
However, he highlighted to Mint that he does not want to increase his investment size due to a lack of suitable prospects, stating that 90% of businesses have yet to achieve the appropriate scale.
Velumani gained attention following Thyrocare’s public listing in 2016. PharmEasy’s parent business, API Holding Ltd, purchased a 66% stake in Thyrocare for about INR 4,546 Cr in 2021, nearly 26 years after it was founded.
Velumani has been advising small business owners for the past two years, recognizing that monetary investments may not provide ideal returns in today’s environment.
YEA, founded in 2012, acts as a gathering place for entrepreneurs and business leaders. It is dedicated to creating an ecosystem that promotes growth, mentorship, and collaboration, as well as providing easy access to valuable resources, expertise, and networks.
As reported by Inc42, “YEA’s initiative aims to further amplify our impact on India’s startup landscape. Over the past ten years, YEA has been pivotal in supporting startups through investments and mentorship,” YEA president Subhakar Alapati said in a statement.
YEA’s previous investments include Bira 91, a premium beermaker, and Boat, a consumer electronics business.
The news comes a month after Thyrocare announced the purchase of a 100% share in Chennai-based Think Health Diagnostics and a connected entity. This move aims to broaden Thyrocare’s offerings to include home ECG services.
Thyrocare asserts itself as one of the nation’s first diagnostic laboratories, having earned internationally recognized quality accreditations as early as 2001 with an ISO 9001-2000 rating that was later upgraded to ISO 9001:2015, as well as accreditations from the College of American Pathologists (CAP) in 2005 and the National Accreditation Board for Testing and Calibration Laboratories (NABL) in 2005.
