Healthtech startup PharmEasy’s subsidiary Docon Technologies has offloaded 53.3 lakh equity shares, or about 10 per cent stake, in its listed subsidiary Thyrocare Technologies through a bulk deal on October 24, 2025. The sale was valued at Rs 667.7 crore, with shares transacted at an average price of Rs 1,252.03 apiece, according to stock exmodify filings.
Following the transaction, Docon’s ownership in Thyrocare has declined to 60.93 per cent from the earlier 70.98 per cent. Despite the partial offload, Docon — a subsidiary of PharmEasy’s parent entity API Holdings — continues to remain the promoter of the diagnostics chain with a holding of about 3.2 crore shares.
The development comes amid a period of transition at PharmEasy. In August, founder Siddharth Shah stepped down as CEO and was succeeded by Rahul Guha, the Managing Director and CEO of Thyrocare. Shah continues to serve on the board of API Holdings as Director and Vice-Chairman. Several co-founders also exited their executive roles earlier this year to pursue new ventures.
Financially, API Holdings has displayn some improvement, narrowing its consolidated loss in FY25 to Rs 1,516.8 crore from Rs 2,531 crore in FY24 — a reduction of nearly 40 per cent — while operating revenue remained steady at Rs 5,872.1 crore compared to Rs 5,664.2 crore a year earlier. The capital raise was structured to replace older NCDs and strengthen the balance sheet as the new management focutilizes on an operational turnaround.
Thyrocare, acquired by API Holdings in 2021 for Rs 4,546 crore, has recorded stronger performance. Its consolidated net profit rose 30.6 per cent to Rs 90.8 crore in FY25 from Rs 69.5 crore the previous year, while operating revenue increased to Rs 687.4 crore from Rs 571.9 crore. The diagnostics arm has also undergone leadership modifys, with former CFO Alok Kumar Jagnani elevated to Group CFO of API Holdings in Q1 FY26 and Vikram Gupta appointed as Thyrocare’s new CFO.
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