Dr. A. Velumani, (born 1959) is an Indian billionaire who calls himself an accidental entrepreneur. He is the founder of Thyrocare, a chain of diagnostic and preventive care laboratories headquartered in Navi Mumbai.
Born to a landless farmer’s family in Tamil Nadu, he decided early on that poverty wasn't for him. He got himself a Bachelor’s degree in Chemistry from Madras University in 1978. After struggling in a few private-sector jobs, Velumani landed a job at the Bhabha Atomic Research Centre (BARC) in Mumbai in 1982.
Now, instead of relaxing, Velumani decided to take on the challenge of biology and biochemistry, even though he didn't have a background in either of them. To support his family, he juggled multiple part-time jobs, selling milk and newspapers, and even offered tuition classes. Apparently, saving every penny was his passion, and you'll see that’s a theme throughout his life. He then managed to get a MSc and later a PhD in Thyroid Biochemistry from Mumbai University.
After 15 years of research at BARC, Velumani took a leap of faith and founded Thyrocare in 1995. He built it into a diagnostics giant, offering affordable tests with unmatched efficiency. The company went public in 2017 with a staggering 74 times oversubscription. For 25 years, Thyrocare delivered 40% profit margins and a 25% CAGR, which is a lot of numbers to impress anyone. Then, in 2021, he sold his 66% stake to PharmEasy for a cool Rs 4,546 crore.
Despite this massive success, Velumani was trolled online for taking a cab after an event, instead of using a luxury car. He defended his frugality by recounting his journey. He revealed that as a young man in his village between 1965 and 1982, he walked 5 kilometres daily for school and work. In Mumbai, between 1982 and 1992, he walked 2 kilometres daily to save money. He travelled by ST buses and second class trains between 1992 and 2002. Even now, with all his wealth, he and his family consider Ola and Uber to be luxuries. He says that frugality is the secret to his success.