Diagnostic and pre-care laboratory chain Thyrocare Technologies will expand to 25 laboratories from the current seven by 2020. The company will invest ₹50 crore annually to fund the expansion plans.
Speaking to media persons on the sidelines of TiECON Chennai 2016, organised by The Indus Entrepreneurs (TiE), A Velumani, Chairman, said, “We have 1,200 franchisees today and plan to take it to 5,000 by 2020. I visualise revenue of ₹1,000 crore by 2020.”
Preventive care industry is opening up and growing at the rate of 19-25 per cent whereas sick care industry growing at the rate of only 10 per cent. This gives an impetus to set-up more franchises in the country, Velumani said.
Franchises are set up in taluks and cities in such a way that every five lakh population will have at least one franchisee. Currently, the company operates from Mumbai, Delhi, Kolkata, Hyderabad, Bhopal, Bengaluru and Coimbatore, strategically covering 300 km radius. By 2020, the company will have 25 laboratories across the country.
Thyrocare clocked revenue of ₹250 crore last fiscal and expect a turnover of ₹300 crore this year. Velumani said the company has ₹100 crore in reserve at any point of time, which will be used for funding the expansion plans.