Healthtech startup PharmEasy has sold a 10% stake in Thyrocare Technologies through its subsidiary Docon Technologies, raising about ₹667.7 crore in a bulk deal executed on October 24, 2025. According to stock exchange filings, the deal involved 53.3 lakh shares sold at an average price of ₹1,252.03 per share.
Following this transaction, Docon’s ownership in Thyrocare has dropped from 70.98% to 60.93%, though it continues to be the promoter entity, holding roughly 3.2 crore shares in the diagnostics chain. The move is viewed as part of PharmEasy’s efforts to optimise capital and strengthen its financial position amid internal restructuring.
Transition in Leadership
The share sale comes during a significant period of transition for PharmEasy’s parent company, API Holdings. In August 2025, founder Siddharth Shah stepped down as CEO, passing the baton to Rahul Guha, who was then the Managing Director and CEO of Thyrocare. Shah, however, continues to serve as Vice-Chairman and Director on the API Holdings board.
Several co-founders also exited their executive roles earlier this year to pursue new ventures, marking a leadership reshuffle aimed at bringing fresh focus and operational stability to the healthtech major.
API Holdings, the parent entity, has shown early signs of recovery. In FY25, the company’s consolidated loss narrowed by nearly 40%, declining to ₹1,516.8 crore from ₹2,531 crore in the previous year. Its operating revenue remained stable at ₹5,872.1 crore, compared to ₹5,664.2 crore in FY24.
The capital raised through the Thyrocare stake sale and other measures is expected to help retire non-convertible debentures (NCDs) and further strengthen the balance sheet, as the new management focuses on a strategic operational turnaround.
Meanwhile, Thyrocare Technologies, which API Holdings acquired in 2021 for ₹4,546 crore, continues to deliver strong financial performance. The diagnostics arm recorded a 30.6% increase in net profit to ₹90.8 crore in FY25, compared to ₹69.5 crore the previous year. Its operating revenue also climbed to ₹687.4 crore from ₹571.9 crore, reflecting steady demand for diagnostic and wellness services.
The company has also undergone a few leadership transitions. Former CFO Alok Kumar Jagnani has been promoted to Group CFO of API Holdings, while Vikram Gupta has been appointed as the new CFO of Thyrocare, signalling a renewed focus on financial efficiency and growth.
PharmEasy Thyrocare Deal
The PharmEasy-Thyrocare acquisition in 2021 was hailed as one of India’s most defining deals in the healthtech space, marking the integration of digital pharmacy operations with diagnostics. The synergy between the two has enabled PharmEasy to offer end-to-end healthcare solutions, from online medicine delivery to lab testing and preventive care.
This recent partial offload does not signal a strategic retreat but rather a rebalancing of assets, aimed at maintaining liquidity while supporting core business verticals. Experts believe the deal reflects PharmEasy’s intent to stabilise operations, enhance profitability, and possibly revisit IPO plans once the market conditions become favourable.
India’s healthtech sector is witnessing steady investor confidence, especially in diagnostics and integrated care platforms. With rising healthcare awareness and digital adoption, companies like PharmEasy and Thyrocare are well-positioned to tap into growing demand.
Analysts see the latest stake sale as a strategic liquidity move that will help PharmEasy streamline operations, reduce debt, and focus on long-term scalability. Thyrocare’s profitability growth, coupled with its strong diagnostics network, continues to make it one of the most reliable assets in the company’s portfolio.
Path ahead for PharmEasy
As PharmEasy navigates its next phase, the company appears focused on financial prudence, operational efficiency, and sustainable growth. The new management, backed by improving financials and a strong diagnostics arm, is expected to prioritise cost control and ecosystem integration over aggressive expansion.
With its 10% Thyrocare stake sale, PharmEasy is reinforcing its strategic position in India’s fast-evolving healthtech landscape — demonstrating that even amid market corrections, the company remains committed to driving innovation and accessible healthcare for millions.
