Dr. A. Velumani’s life story is one of resilience, determination, and unwavering commitment. Born into poverty, he faced adversity head-on and transformed his circumstances through sheer hard work. In 1995, Velumani founded Thyrocare with a vision to provide affordable diagnostic services. Despite financial constraints, he reinvested every penny back into the company, living frugally to ensure its growth. His decision to take Thyrocare public through an IPO was a turning point, catapulting its market valuation to over Rs 3,300 crore. In 2021, Dr. Velumani sold over 66% of his stake in Thyrocare to online healthcare start-up PharmEasy for Rs 4,546 crore, marking a significant milestone in his journey. His legacy continues to inspire entrepreneurs worldwide, emphasizing innovation and growth. 🌟
Arokiaswamy Velumani, the founder of Thyrocare Technologies Limited, revolutionized the way businesses approach hiring by embracing a bold and unconventional strategy. In a recent podcast interview with YouTuber Raj Shamani on Figuring Out, Velumani shared insights into his remarkable journey and the principles that guided his approach to building a successful company from scratch.
Velumani's hiring philosophy was shaped by his own experiences as a young job seeker, where he struggled to land a job due to the ubiquitous requirement for prior experience. Determined to create opportunities for others, Velumani vowed to never hire anyone with experience when he established Thyrocare. Instead, he focused on recruiting fresh graduates and providing them with on-the-job training and growth opportunities within the company.
This hiring strategy not only helped manage employee costs effectively but also fostered a culture of continuous learning and development. Velumani emphasized the importance of assessing employees based on criteria such as stamina, discipline, intelligence, and focus, and encouraged entrepreneurs to invest in training and nurturing fresh talent.
Despite initial skepticism, Thyrocare's assembly-line approach to hiring proved highly successful, with Velumani overseeing the training and progression of over 25,000 employees, retaining only the top performers within the organization. This approach not only ensured a steady supply of skilled workforce but also instilled a sense of ownership and loyalty among employees, driving organizational growth and success.
In June 2021, Velumani made headlines by selling his majority stake in Thyrocare to PharmEasy, a move influenced by personal tragedy and a desire to secure the best valuation for the company he had built. Reflecting on his decision, Velumani highlighted the importance of patience and timing in strategic exits, emphasizing the need to seize opportunities when they arise.
Arokiaswamy Velumani's story is a testament to the power of unconventional thinking, perseverance, and a commitment to nurturing talent. His legacy serves as inspiration for entrepreneurs and business leaders alike, showcasing the transformative impact of prioritizing people and investing in their growth and development.
