A Poor Farmer’s Son Grew Up To Have A Net Worth Of $300 Million. Here’s His Story!

ADVERTISEMENT

Thyrocare owner Arokiaswamy Velumani was born to a farmer who held no land, in the probably-never-heard-of village of Appanickenpatti Padur in Tamil Nadu. But today, at the age of 57, he is the owner of one of the world’s largest thyroid testing companies, with over 1,122 centres in the Indian subcontinent and the Middle East.

Velumani attended school and college by way of Government subsidies provided to farmers and their families.

“My parents were very poor. They never had the luxury of buying me a pair of chappals or trousers. I was born at the bottom of the ten slices of the pyramid. It wasn’t easy.”

After he graduated in Chemistry, Velumani worked in a small pharmaceutical company as a shift chemist for Rs. 150 every month. He was out of a job when the company shut down after three years. After his application for the job of a lab assistant at the prestigious Bhabha Atomic Research Centre (BARC) was accepted, there was no looking back for him.

 

ADVERTISEMENT

BARC allowed Velumani to work as well as study further, which led him to obtain a Master’s degree as well as a Doctorate.

Image source
Image source

Through a tie-up that BARC had with the University of Mumbai, Velumani was able to achieve a doctoral degree in Thyroid Biochemistry in 1995. In his own words, “Those days, I was earning and learning. BARC allowed scientists to study and research further. In 1982, I did not know where the thyroid gland was. By 1995, I was a Ph.D. in thyroid biochemistry.”

 

14 years after working in BARC, Velumani decided to quit his job to set up a thyroid disorder testing lab in Byculla.

Image source
Image source

While the first few years were very difficult for him, Velumani persevered and made his lab into a franchise model, which would enable all samples connected all over the country to be sent back to the central lab in Mumbai. Cut to 2011, his company, Thyrocare, which provided all kinds of medical diagnostics, was valued at Rs. 600 crores ($ 100 million).

ADVERTISEMENT

 

Thyrocare recently launched its IPO (Initial Public Offering) and the valuation came up to about Rs. 3,377 crore ($ 505 million).

Image source
Image source

And Velumani, who owns 64% of the stake in his company, making his own personal net worth around Rs. 2062 crore ($ 323 million). That is a long way that he has come and he says he has no plans of stopping.

Quoting the PhD-holding scientist-cum-businessman himself, “My entire life has been an upward slope. I am 57 now, and I haven’t lost any of the motivation I once had.”

We salute you, Dr. Velumani!


News source: Quartz India
Cover image sourceThyrocare owner Arokiaswamy Velumani was born to a farmer who held no land, in the probably-never-heard-of village of Appanickenpatti Padur in Tamil Nadu. But today, at the age of 57, he is the owner of one of the world’s largest thyroid testing companies, with over 1,122 centres in the Indian subcontinent and the Middle East.

Velumani attended school and college by way of Government subsidies provided to farmers and their families.

“My parents were very poor. They never had the luxury of buying me a pair of chappals or trousers. I was born at the bottom of the ten slices of the pyramid. It wasn’t easy.”

After he graduated in Chemistry, Velumani worked in a small pharmaceutical company as a shift chemist for Rs. 150 every month. He was out of a job when the company shut down after three years. After his application for the job of a lab assistant at the prestigious Bhabha Atomic Research Centre (BARC) was accepted, there was no looking back for him.

 

BARC allowed Velumani to work as well as study further, which led him to obtain a Master’s degree as well as a Doctorate.

Image source
Image source

Through a tie-up that BARC had with the University of Mumbai, Velumani was able to achieve a doctoral degree in Thyroid Biochemistry in 1995. In his own words, “Those days, I was earning and learning. BARC allowed scientists to study and research further. In 1982, I did not know where the thyroid gland was. By 1995, I was a Ph.D. in thyroid biochemistry.”

 

14 years after working in BARC, Velumani decided to quit his job to set up a thyroid disorder testing lab in Byculla.

Image source
Image source

While the first few years were very difficult for him, Velumani persevered and made his lab into a franchise model, which would enable all samples connected all over the country to be sent back to the central lab in Mumbai. Cut to 2011, his company, Thyrocare, which provided all kinds of medical diagnostics, was valued at Rs. 600 crores ($ 100 million).

 

Thyrocare recently launched its IPO (Initial Public Offering) and the valuation came up to about Rs. 3,377 crore ($ 505 million).

Image source
Image source

And Velumani, who owns 64% of the stake in his company, making his own personal net worth around Rs. 2062 crore ($ 323 million). That is a long way that he has come and he says he has no plans of stopping.

Quoting the PhD-holding scientist-cum-businessman himself, “My entire life has been an upward slope. I am 57 now, and I haven’t lost any of the motivation I once had.”

We salute you, Dr. Velumani!


News source: Quartz India
Cover image source 1, 2

Like what you're reading? Follow Storypick on Google News and Instagram!