Thyrocare founder joins forces with Magnifiq Capital Trust. YEA to back Indian startups
₹50 crore in Indian startups. As part of the initiative, Velumani aims to not only provide financial backing, but also mentorship to promising startups, according to a statement issued by YEA on Sunday. With his wealth of experience and expertise, Velumani plans to handpick seed-stage startups with considerable growth potential, and target entities with at least ₹5 crore in turnover, he said in an interview with Mint.
Read also: Will funding hibernation end for Indian startups? Investors see inflow rebound in 2024 However, Velumani is not looking to increase the size of his investment in view of the lack of viable opportunities, considering that 90% of startups are yet to achieve the desired scale, he added. Velumani shot to fame following Thyrocare's public listing in 2016. Nearly 26 years after its inception, PharmEasy's parent company, PharmEasy’s parent company API Holding Ltd, acquired a 66% stake in Thyrocare for around ₹4,546 crore in 2021.
Read also: SaaS startups rework pricing models amid shrinking budgets When asked about the current synergies between the two entities, Velumani refrained from commenting. Thyrocare's shares rose by 46% over the past year to ₹651 apiece. For the past two years, Velumani has been mentoring small business owners, as he believes that in today's landscape, monetary investments alone may not yield optimal returns.
“We need a combination of money, wisdom and expertise to get returns. So, if I invest, I also want to mentor them as it is the safest way to reduce failures and enhance returns." Established in 2012, YEA, serves as a hub for innovators and business leaders. It is dedicated to nurturing an ecosystem conducive to growth, mentorship, and collaboration, as well as facilitating
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