Thyrocare Technologies, a Mumbai-based medical diagnostics services provider, has raised about Rs 120 crore from a private equity (PE) firm Norwest Venture Partners (NVP). Through the deal, Thyrocare is said to have diluted about 10% stake in the company. As part of the agreement, Sohil Chand, MD, NVP India would join Thyrocare’s board of directors.
The diagnostics market in India is estimated at Rs 10,000 crore. Thyrocare’s network of 20,000 service centres across 1,000 cities and towns in India accounts for about 1 lakh doctors, through 600 franchisees. This is the second PE investment for Thyrocare. In 2010, CX Partners had invested Rs 188 crore for a 30% stake in the company. A Velumani, managing director and chief executive of Thyrocare Technologies, said, “When CX Partners invested, we were motivated and ventured into Nueclear, (the in-vivo segment). Now, with NVP’s investment, we would explore global markets.” NVP manages about USD 3.7 billion in capital and has funded 500 companies.