6-year-old start-up FirmEasy holds 66 per cent stake in 25-year-old stock market-listed Thyrocare
This is the first time in India that a startup has bought a listed company on the stock exchange. This feat has been achieved by a team of 5 Gujaratis. 6-year-old start-up Firm Easy holds 66 per cent stake in the 25-year-old stock market-listed Thyrocare which is worth around Rs 4,500 crore. When asked about the same to the company’s CEO Siddharth Shah, he attributed the success of the pharmacy to the bonding between the five co-founders.
FarmEasy’s case is different from other popular single founder startups in the market. Here’s what five co-founders valued it for billions. Siddharth Shah, the CEO and co-founder of Pharmacy, describes himself and his fellow co-founders Dharmil Seth, Dhawal Shah, Harsh Parekh, Hardik Dedhia as the “Gujju Gang of Ghatkopar”. Regarding this, Siddharth says, “He is proud of this label used as a satire in Mumbai and it is this identity that has made the company so successful. “
Giving interesting information, Siddharth said that when the Thyrocare deal was going on, he jokingly told Dr. Velumani, MD, Thyrocare that he would have a lot of wealth and the doctor replied that now that he has acquired so much wealth If so, he is thinking of investing in FarmEasy. In the end, Velumani has taken 4.96 per cent (approximately Rs 1,500 crore) stake in API Holdings, the parent company of Dr. Firmeasy. It remains to be seen how easy FirmEasy, founded by Gujaratis, can bring to people’s lives.