With Grit And Determination This Son Of A Landless Farmer Is Now A Billionaire Owner Of Thyrocare

¡°Never give up.¡± That's probably one of the most cliched things we¡¯ve ever heard. But not many can keep up with that kind of dedication.

Arokiaswamy Velumani founder, chairman and managing director of Thyrocare Technologies Ltd. | Linkedin

Thankfully, there are a few who will inspire you to keep going. Case in point, Coimbatore landless farmer¡¯s son who once struggled for two meals a day now owns the world¡¯s largest thyroid testing company called Thyrocare Technologies Ltd.

Who is Dr A Velumani?

Arokiaswamy Velumani, born to a poor farmer family in a nondescript village, whose father couldn¡¯t afford to buy him a pair of pants or slippers, has traversed some rather difficult terrains since starting out from the nondescript village of Appanaickenpatti Pudur near Coimbatore. Along the way, the bespectacled scientist had also redefined the medical diagnostic industry in the country.

Arokiaswamy Velumani founder, chairman and managing director of Thyrocare Technologies Ltd. | velumani.com

But with hard work and determination 65-year-old, Dr Arokiaswamy Velumani is now a founder, chairman and managing director of Thyrocare Technologies - the world's largest thyroid testing company, that boasts of 1,122 outlets across India, Bangladesh, Nepal and the Middle East!

Small boy with big dreams

Thyrocare founder Arokiaswamy Velumani and his three siblings were supported by his mother, who put together Rs. 50 a week from the milk fetched from the buffaloes she bought and used it to take care of her family over the next ten years. Growing up in a village that had minimum access to education, he moved out in search of a better future. Back then, young boys attended college mainly to find a fair-skinned wife.

Thyrocare Technologies Ltd. | Thyrocare

At the age of 19, Dr Velumani graduated with a BSc. degree and found a job in a small pharmaceutical company Gemini Capsules in Coimbatore with a meagre salary of Rs 150 per month, which was less than what a watchman would get in that area.

But Velumani didn't complain and every month Arokiaswamy sent a telegram at home with Rs 100 from his monthly salary and kept Rs 50 for himself for his daily needs. This went on for four years until the capsule-making company collapsed, and Velumani found himself jobless. After losing his job, Velumani started his journey from abject poverty in this small village with just Rs. 400 in his pocket to wealth and prosperity in the city of Mumbai.

The birth of Thyrocare

After quitting a job in Gemini Capsules, Arokiaswamy Velumani joined the Bhabha Atomic Research Centre(BARC) in Mumbai, While recollecting the early days of his struggle, Velumani quotes, ¡° My parents were very poor. They never had the luxury of buying me a pair of chappals (sandals) or trousers. I was born at the bottom of the 10 slices of the pyramid. It wasn¡¯t easy. But today, I am at the top of the very pyramid,". After getting a secured job at BARC, Arokiaswamy Velumani married Sumathi Velumani, an employee at the State Bank of India.

Arokiaswamy Velumani founder, chairman and managing director of Thyrocare Technologies Ltd. | Facebook

After giving up his 14 years long job at BARC, Arokiaswamy Velumani got the opportunity to study for a doctorate in thyroid biochemistry.

Since his childhood, Velumani wanted to do something different. Arokiaswamy Velumani had developed an idea which he believed would help make thyroid testing more affordable for much of India¡¯s poor class population.

The woman behind the success of Arokiaswamy Velumani

With the help of his wife Sumathi, Dr Velumani began his dream of Thyrocare with an initial investment of Rs. 1 lakh, from his Provident Fund (PF). Dr. Velumani and his wife set up the first Thyrocare lab in Byculla, Mumbai, with an initial focus on thyroid testing by considering the huge potential for it in India.

Left Coimbatore. August 18. 1982. 6:55 pm. Boarded Jayanti Janata. S9. Berth 41.

What a 39 Yrs journey.

Till you left us in 2016 it was absolute flawless heaven.
Now, nature too reminds your face often. #MissYouDarling. pic.twitter.com/4awUj8T0fc

¡ª Dr. A. Velumani.PhD. (@velumania) August 18, 2021

Arokiaswamy Velumani's wife Sumathi, quit her job at the State bank of India, to be the first employee of Thyrocare Technologies. According to Velumani, ¡°Business is as unique as married life. You are learning something new every day¡±.

Dr Velumani's vision

Dr Velumani's vision was to build preventive thyroid testing and make healthcare diagnoses affordable to the consumer. He pioneered in launching preventive healthcare diagnostics in 2006. He reckoned that if he could offer lower prices, he could attract customers and build a large-volume business. This led to the creation of Thyrocare as an affordable healthcare testing brand.

Q: which to focus : Strength or Weakness. ?

A: If you focus on your strength becomes stronger and your weakness becomes weakest. #Focus

¡ª Dr. A. Velumani.PhD. (@velumania) August 11, 2021

Back in the day, no labs could get more than two samples a day, I worked on improving the business model and introduced the franchise model, which helped increase the number of samples per day, making operations cost-effective.

Came to Mumbai in 1982 with just Rs. 500. Focused.
40 yrs. 40% CAGR.

Came to Business in 1995 with just Rs. 2,00,000. Focused.
25 yrs. 40% CAGR.

Dedicated to my wife, Co-Creator, Late Mrs. Sumathi Velumani. ?????? pic.twitter.com/clJzY693B7

¡ª Dr. A. Velumani.PhD. (@velumania) June 23, 2021

Velumani and his confederates then expanded the business, foraying into health diagnostics, including blood tests, preventive medical checkups and pulmonary function tests. Today, Thyrocare offers a comprehensive envelope of health diagnostics, from sexually transmitted diseases profile to cancer, diabetes and infertility tests, with thyroid disorders still being the prime focus.

From landlessness former¡¯s son to billionaire

Velumani¡¯s story is one of true grit. The son of a landless farmer, he grew up near Coimbatore in Tamil Nadu. ¡°When it comes to poverty, there are two kinds of people,¡± Velumani had said during the interview a few months ago. ¡°One who enjoys it, and another who suffers because of it. The one who enjoys it will come out of poverty very fast while the one who suffers will remain poor.¡±

In 2020, Thyrocare posted revenues of Rs 474 crore, up by 18 percent, while profits grew by 51 percent to Rs 119.7 crore. ¡°In the entire world, India is cheapest in healthcare,¡± Velumani had told Forbes India earlier.

In 2016, over 20 years after Velumani founded the company, Thyrocare Technologies was listed on the bourses, with a net worth of Rs 3,377 crore which was subscribed some 73 times.

Poor has more problems.
Poverty gives the experience.
So poor freshers are experienced. #Focus.

¡ª Dr. A. Velumani.PhD. (@velumania) August 12, 2021

Velumani took many risky steps like quitting his job and spending a large amount of his provident fund, without knowing whether he would fail or succeed? This quality of Velumani¡¯s may inspire a lot of youngsters, who are able to withstand and tolerate any form of setback simply on their belief that they can reach their goals.