Leading chain of pathology laboratories, Thyrocare Technologies is being purchased by online pharma start-up PharmaEasy in a deal worth nearly $1 billion. In line with the deal, API Holdings, the parent company of PharmEasy will receive a 66% stake in Thyrocare from its main promoter A Velumani and his family at an amount of Rs 4550 crores.

As per recent statements, the pharma retailer’s parent company is also offering to acquire another 26% from the public shareholders at Rs 1778 crores. The deal states that Welumani, who had started the company with an initial capital of only Rs 2 lakhs, will now get a minority stake of less than 5% in the API holdings. The current valuations give a clear idea that the deal is worth $925 million which is equivalent to around Rs 6900 crores.

This is a second high value deal which took place this year, under which a start-up is buying out well-established brick and mortar company. It is also the first deal where a company valued at over $1 billion is purchasing a listed firm. This year also saw ed-tech Byju’s announcing the acquisition of the unlisted Aakash coaching classes at an amount of $950 million.

Vishal Kampani, MD, JM Financial Group states that this deal will create an opportunity for India’s leading health platform and one of the most cost-efficient diagnostics solution providers to joins hands and achieve better healthcare outcomes.