Healthcare diagnostics company Thyrocare Technologies reported a strong first quarter for FY27, with its expanding franchise and partner network emerging as the primary driver of revenue and profitability. The company posted 24 percent year-on-year growth in consolidated revenue to ₹240.02 crore, while profit after tax (PAT) rose 34 percent to ₹51.33 crore, reflecting the strength of its asset-light, franchise-led business model.
The company attributed its performance largely to its pathology business, where its extensive franchise network continued to deliver higher volumes across the country. Revenue generated through franchise partners grew 27 percent year-on-year, while the partnership business recorded 26 percent growth, highlighting the increasing contribution of Thyrocare's expanding network of collection centres and diagnostic partners.
The franchise-led expansion also translated into higher testing volumes. During the April-June quarter, Thyrocare processed 55.2 million diagnostic tests, a 28 percent increase over the same period last year, reinforcing its position as one of India's largest diagnostic service providers by volume.
Unlike traditional diagnostic chains that rely heavily on company-owned collection centres, Thyrocare has built its growth around an asset-light franchise ecosystem, enabling entrepreneurs and local diagnostic partners to operate collection centres while leveraging the company's centralised laboratories, technology infrastructure and nationwide logistics network. This model has allowed the company to scale rapidly across metros as well as Tier II and Tier III markets without significant capital expenditure.
Rahul Guha, Managing Director & CEO, Thyrocare Technologies, said, "Thyrocare reported a strong performance this quarter, driven by continued focus on operational efficiency, network expansion, and value-driven diagnostics. During the period, we also strengthened our specialty portfolio with the addition of allergy testing and entry into genomics through the launch of NIPT, with a phased expansion of the test menu underway. Thyrocare continues to expand its reach in underserved regions and scale its franchise and partner network, while remaining committed to delivering high-quality, affordable healthcare services across India."
Alongside network expansion, Thyrocare entered the specialty diagnostics segment during the quarter with the launch of allergy testing and genomics services, including Non-Invasive Prenatal Testing (NIPT). The addition of high-value diagnostic services is expected to create new revenue opportunities for franchise partners while strengthening the company's overall service portfolio.
As preventive healthcare adoption continues to rise, Thyrocare remains focused on expanding its franchise ecosystem into underserved markets. The company's latest quarterly performance demonstrates how its franchise-led model is not only driving higher revenues and profitability but also enabling wider access to quality diagnostics across India
What is Cobranding?
Cobranding is a strategic partnership in which two or more brands collaborate to create, market, or promote a product, service, or business offering while leveraging each other's brand value, customer base, and market presence. In franchising, cobranding helps businesses expand their reach, improve customer experience, and generate higher revenue through complementary brand associations.
This strategy enables franchise businesses to enhance visibility, attract new customers, and deliver greater value without building a new brand from scratch.
Origin
The concept of Cobranding emerged as companies began forming strategic partnerships to strengthen their market position and offer customers more comprehensive solutions. Over time, franchisors across industries such as food & beverage, retail, hospitality, and convenience stores adopted cobranding to maximise store productivity, improve customer engagement, and accelerate business expansion.
Today, cobranding is widely used as a growth strategy in the global franchise industry.
Usage in Franchising
Franchise businesses use cobranding to combine complementary products or services under one roof. For example, a café may partner with a bakery brand, or a fuel station may include a quick-service restaurant to increase customer convenience and sales. Cobranding can also involve joint marketing campaigns, loyalty programmes, limited-edition products, or shared retail spaces that benefit both brands.
A successful cobranding strategy allows franchise partners to reach wider audiences while sharing marketing efforts and operational advantages.
Examples of Cobranding
A coffee franchise partners with a premium bakery brand to offer customers fresh baked products alongside specialty beverages. A supermarket collaborates with a financial services brand to launch a co-branded loyalty or rewards card. A quick-service restaurant operates within a fuel station, providing customers with dining convenience while increasing footfall for both businesses.
These examples demonstrate how cobranding creates mutual value by combining the strengths of multiple brands.
Why It Matters
Cobranding helps franchise businesses increase brand awareness, attract new customer segments, improve sales opportunities, and strengthen competitive positioning. By partnering with complementary brands, franchisors and franchisees can create differentiated customer experiences while reducing marketing costs and accelerating business growth. As consumer expectations continue to evolve, cobranding remains an effective strategy for expanding market reach and building long-term brand value.
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Jaipur-based Ayurvedic beauty and wellness brand Ashpveda has expanded its retail network in Chhattisgarh with the launch of a new franchise store in Bilaspur. The latest outlet marks another step in the brand's ongoing efforts to make its range of Ayurvedic personal care and wellness products more accessible to consumers across India.
Located at Shop No. BG-11, Rajiv Plaza, Beside Bag House, opposite Axis Bank, the new store offers Ashpveda's portfolio of Ayurvedic skincare, haircare, body care and wellness products. The brand combines traditional Ayurvedic knowledge with modern formulations to develop personal care solutions designed for contemporary consumers.
According to the company, its products are formulated without more than 45 toxins and chemicals, reflecting its focus on natural and wellness-oriented personal care.
Hari Ram Rinwa, Founder of Ashpveda, said, “At Ashpveda, we have always had a dream to bring authentic Ayurveda into everyone’s life. The opening of our Bilaspur franchise marks a milestone in our expansion and in reaching consumers who are increasingly seeking safe, natural personal care options. It makes us proud to join hands with local entrepreneurs and play our part in the development of wellness-oriented communities.”
The Bilaspur store launch will also feature customer engagement initiatives, influencer partnerships and a special Women's Empowerment Day. These activities are intended to introduce consumers to Ashpveda's product portfolio and its approach to Ayurvedic beauty and holistic wellness.
The new franchise outlet forms part of Ashpveda's broader retail expansion strategy, as the brand seeks to strengthen its presence across emerging markets through partnerships with local entrepreneurs. With consumer interest in natural, Ayurvedic and sustainable beauty products continuing to grow, the company is using the franchise model to expand its physical retail network and reach a wider customer base.
The Bilaspur launch further strengthens Ashpveda's focus on combining retail expansion with consumer education and local entrepreneurship as it continues to build its presence in India's growing beauty and wellness market.
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Francorp has been appointed the Master Franchise Partner for Release Co across India and Asia, marking a strategic collaboration to expand Swedish-inspired preventive healthcare and longevity clinics through a franchise-led growth model.
The partnership is aimed at scaling Release Co's presence across the region by establishing a structured franchise network focused on delivering preventive healthcare and wellness solutions. The collaboration is expected to create new opportunities for entrepreneurs and investors while supporting the expansion of specialised healthcare services in high-growth markets.
As part of the agreement, Francorp will spearhead the development of Release Co's franchise network across India and other Asian markets. The rollout will focus on bringing the brand's preventive healthcare model, including IV therapy clinics and longevity-focused wellness solutions, to a wider consumer base through an organised franchise platform.
Release Co is recognised for its Swedish expertise in preventive healthcare and wellness, offering IV therapy and longevity-focused clinical services. Through this partnership, the brand aims to strengthen its regional presence by leveraging Francorp's franchise development capabilities and market expertise.
The collaboration also reflects growing interest in preventive healthcare and wellness concepts across India and Asia, where rising consumer awareness and demand for proactive health solutions continue to drive sector growth. By combining Release Co's healthcare model with Francorp's franchise development experience, the companies aim to establish a scalable network of wellness clinics across the region.
The expansion strategy will focus on building a sustainable franchise ecosystem while increasing access to evidence based preventive healthcare services. In addition to supporting network growth, the partnership is expected to offer franchise and investment opportunities for entrepreneurs looking to enter the rapidly growing wellness and healthcare sector.
With the appointment of Francorp as its Master Franchise Partner, Release Co is set to accelerate its regional expansion, reinforcing its long-term vision of making premium preventive healthcare and longevity solutions more widely available across India and Asia through a franchise-driven business model.
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Elevate Education, formerly known as Sunstone, has secured ₹170 crore in Series D funding from WestBridge Capital to accelerate the next phase of its growth. The investment will be used to strengthen the company's technology platform, enhance its artificial intelligence capabilities, expand its network of partner institutions and improve student success and placement outcomes as it scales its higher education platform across India.
The fundraise follows a period of business expansion during which Elevate Education significantly increased its student base, institutional partnerships and revenue, further strengthening its position as a technology-led higher education platform focused on learner outcomes and employability.
The Gurugram-based company partners with higher education institutions to deliver industry-focused undergraduate and postgraduate programmes by integrating curriculum, technology, placement support and student success initiatives. For FY27, Elevate Education expects to achieve ₹300 crore in revenue, support 25,000 active students, and partner with 22 campuses across 15 cities. The company also expects to achieve profitability during the financial year while continuing to invest in long-term growth.
The newly raised capital will primarily be deployed to deepen the company's technology and AI capabilities, expand collaborations with higher education institutions, strengthen placement outcomes and student engagement, and invest in academic innovation and industry-aligned programmes.
As part of its long-term expansion strategy, Elevate Education aims to scale its student base to 60,000 learners and expand its partner network to 40 institutions by FY29. The company also plans to integrate AI across the student lifecycle while targeting ₹600 crore in revenue by FY29, reinforcing its ambition to build one of India's leading technology-driven higher education platforms.
Ashish Munjal, Co-founder and CEO, Elevate Education, said: "India's higher education system is at an inflection point. The future of higher education will not be defined by who awards the degree, but by who delivers the best learner outcomes. As AI reshapes industries and employer expectations evolve, institutions need to continuously reinvent how students learn, build skills, and prepare for careers. At Elevate Education, our mission is to help make that transformation possible by partnering deeply with institutions and bringing technology, AI, and industry relevance into every stage of the student journey. This investment from WestBridge Capital strengthens our ability to scale responsibly, invest in innovation, and build one of India's most trusted higher education platforms."
Sandeep Singhal, Co-founder and Managing Partner, WestBridge Capital, said: "We believe Elevate Education is addressing an important opportunity in India’s education ecosystem by improving the quality and relevance of learning at scale. Ashish, Ankur and Piyush, along with the broader team, have built the company with a deep understanding of the sector, disciplined execution, and a capital-efficient approach. We believe the company is well positioned for long-term growth and are pleased to partner with them on this journey."
The company believes India's higher education sector is undergoing a significant transformation, driven by artificial intelligence, evolving employer expectations and rising demand for outcome-oriented education. Through its technology platform, institutional partnerships and AI-enabled student support ecosystem, Elevate Education aims to help institutions improve employability and prepare students for the future of work.
With the latest funding, Elevate Education plans to accelerate the expansion of its technology-led higher education ecosystem while strengthening partnerships with academic institutions across the country. The investment is expected to support the company's long-term vision of building one of India's most trusted higher education platforms by combining technology, AI and industry-relevant learning to improve career outcomes for students.
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