Dr. Arokiaswamy Velumani, the founder of Thyrocare Technologies, is a symbol of resilience and determination. From a small village near Coimbatore, he built one of India’s largest diagnostic chains, revolutionizing the healthcare industry. His inspiring journey shows how grit and perseverance can turn humble beginnings into extraordinary success.
He is the visionary behind Thyrocare Technologies Ltd., a network of diagnostic and preventive care laboratories located in Navi Mumbai. Additionally, he established Nueclear Healthcare Limited, a radiology diagnostics firm associated with Thyrocare.
Early Life and Challenges
Velumani was born in the village of Appanaickenpatti Pudur, situated near Coimbatore in the Coimbatore district of the former Madras State. He was raised in a family where his father worked as a farmer and his mother, a homemaker, contributed to the household by caring for buffaloes and selling their milk.Velumani faced extreme hardships. His father couldn’t afford basic necessities, and Velumani often walked 6 km to school. Despite financial constraints, his mother’s teachings of frugality and avoiding debt shaped his character.
Struggles in Education and Career
Velumani completed his education at Sri Venkateswara High School in his hometown. He earned a Bachelor of Science degree from Sri Ramakrishna Mission Vidyalaya College of Arts and Science in Coimbatore, which is affiliated with the University of Madras, in 1978 at the age of 19. He subsequently obtained a master’s degree in 1985 and a doctoral degree in Thyroid Biochemistry in 1995 from the University of Mumbai,
Velumani initially pursued a B.Com due to financial limitations, but a supportive teacher helped him switch to B.Sc. in Chemistry. After graduating, he struggled to find a job, failing 15 interviews, but eventually secured a position as a chemist earning just Rs. 150 a month. When the company closed, Velumani found himself unemployed again. He then landed a job as a scientific assistant at Bhabha Atomic Research Centre (BARC) in Mumbai, working in thyroid testing, which later became the foundation of his business.
Creating a Billion-Dollar Business Founding Thyrocare
In 1995, with Rs. 1 lakh from his savings, Velumani started Thyrocare in Mumbai, aiming to make thyroid testing affordable. Thyrocare’s innovative business model focused on centralized testing, low prices, and efficiency, leading to rapid growth across India and beyond.
Dr. Arokiaswamy Velumani launched Thyrocare, a thyroid testing lab that quickly expanded to offer a range of preventive health checkups and blood tests.
He introduced a franchise model that made diagnostic services affordable and efficient, leading Thyrocare to become the largest thyroid testing lab in India with over 1,000 locations across India, Nepal, Bangladesh, and the Middle East.
The company’s growth was fueled by its centralized processing model, which cut costs and allowed for lower prices. In April 2016, Thyrocare’s IPO was a massive success, oversubscribed 72.86 times. By 2020, Thyrocare reported revenues of Rs 474 crore and profits of Rs 119.7 crore. Velumani is also the founder and managing director of Nueclear Healthcare Ltd., which offers affordable cancer imaging services.
Personal Life
In 1986, Velumani married Sumathi, and they had two children. Facing a turning point in his life, he resigned from BARC with his wife’s unwavering support. They both left their jobs to pursue his dream of starting a business.
Arokiaswamy Velumani, the founder of Thyrocare, lost his 55-year-old wife to pancreatic cancer just 100 days before the company’s IPO in April. For Velumani, the loss was devastating; his wife had been the backbone of the company he built from scratch with an initial investment of Rs 2 lakh.
He credits much of his success to her unwavering support, stating that a man’s achievements are heavily influenced by his wife’s belief and encouragement. Despite his company growing to a market cap of Rs 3,300 crore, Velumani deeply regrets that his wife couldn’t share in the success they had worked toward together.
Velumani’s journey started humbly in Appanaickenpatti Pudur, a small village near Coimbatore, where his family struggled financially. His father abandoned his responsibilities early, leaving his mother to support the family by selling milk from two buffaloes.
Velumani attended government schools and later pursued a degree, motivated more by the desire to marry a “fair-skinned” girl than a passion for education. Despite his degree, he faced struggles finding employment due to his lack of English proficiency and work experience. After working for minimal pay, he eventually landed a job at the Bhabha Atomic Research Center in Mumbai, where he supplemented his income by tutoring.
Velumani’s marriage to his wife, whom he initially hesitated to marry due to her darker complexion, turned out to be his best decision. She supported his dreams, managed their family, and encouraged his brothers’ education. In 1995, Velumani resigned from his stable government job without consulting his wife. When she found out, she quit her job at the State Bank of India to support him. Together, they lived and worked inside their laboratory, and their frugal lifestyle became a cornerstone of Thyrocare’s business philosophy.
His wife’s untimely death left a void, but Velumani continues to run his company and live inside the laboratory with his two children, who are now involved in the business. Thyrocare’s success is built on affordability and volume, offering thyroid tests at a fraction of the cost of competitors. Velumani, who has never borrowed money for his business, credits his and his wife’s frugal nature for his achievements. Despite his wealth, the most significant loss remains his wife’s absence, who was not just a partner but the driving force behind Thyrocare’s success.
The Decision to Sell
In 2021, Velumani sold a 66% stake in Thyrocare to PharmEasy’s parent company for Rs. 4,546 crore, marking a historic startup acquisition of a listed company. He retained a small stake, continuing his involvement in the new venture.
Net worth
There isn’t any official information available about his earnings. In 2021, Dr. Arokiaswamy Velumani’s net worth was estimated to be around 5000 crores after he sold some of his shares. Recently, he faced some financial losses with his startups
His estimated net worth reached Rs. 5000 crore in 2021, though he also experienced losses in other ventures.
Conclusion
Dr. Velumani’s influence goes beyond just his business success. His charitable approach to business, emphasis on keeping costs low, and goal of making healthcare more affordable have made a significant mark on the industry. He has demonstrated that real success isn’t only about making money but also about positively impacting people’s lives. He often encourages young entrepreneurs to concentrate on their passions.
Dr. Arokiaswamy Velumani’s story is a testament to overcoming adversity and achieving success through innovation and perseverance. His legacy is not just about building a business but making healthcare affordable for millions, inspiring future entrepreneurs to pursue their dreams against all odds.