Frugality made me powerful: Thyrocare’s founder Dr. Velumani

For Dr Arokiaswamy Velumani, chairman of AVM Labs and founder of Thyrocare Technologies, the most powerful weapon when it comes to money is frugality.

- Ravi Krishnan

Even after he sold his company for about ₹4,500 crore in 2021, he’s never flown business class, he said. In an interview at the Mint Money Festival, Velumani, 66, spoke about the principles that made him successful, offering money lessons for the younger generation.

I was fortunate to be born poor in a village. My father was neither an employee nor an employer. At 11, I used to pluck cotton for 1 a day during the hot month of May. My mother was the only earning member, and as the eldest son, I wanted to support her.

I was lucky to start my life with nothing. If you start with zero, there is no downside because there can’t be one below zero. Lucky are those who are born poor, as we have nothing to lose. In the village, most people are poor and think of themselves as unfortunate. I believe the main reason I was successful was that I was born poor.

You quit a government job to start Thyrocare (in 1996). At that time, you had something to lose. How did you manage it?

There are five decisions I made that enabled me to add many zeros to my net worth.

• In 1982, I left home without telling my parents.

• In 1986, I married without discussing it with my parents. I wanted stability at home, and my wife was working in a bank. I made the decision and then informed my family.

• In 1995, I left a government job without discussing it with my wife because I thought she would get scared and stop me.

• In 2016, I did an IPO for my company without discussing it with my family.

• In 2021, I exited my firm without telling my children.