Metropolis Healthcare is reportedly looking to raise $300 Mn through issuance of fresh shares and selling of shares by some of the existing investors
Walmart-backed Flipkart and healthcare chain Apollo Hospitals have inked a non-disclosure agreement with Metropolis
Amazon has also held preliminary talks with the diagnostics chain
Ecommerce giants Flipkart and Amazon are among the investors in talks to acquire a minority stake in Mumbai-based diagnostics chain Metropolis Healthcare which is looking to raise $300 Mn.
The healthcare chain is in early talks with multiple investors for the fundraise, Bloomberg reported. The deal would include issuance of fresh shares as well selling of shares by some of the existing investors, including its managing director Ameera Shah.
While Flipkart and Apollo Hospitals have inked a non-disclosure agreement with Metropolis Healthcare, Amazon has held preliminary talks with the diagnostics chain, the report said. It has also signed similar agreements with global funds including KKR & Co., TPG Inc. and Barings, while discussions are going on with Blackstone Inc.
Flipkart and Amazon are aggressively looking to expand their healthcare segment in India.
Last month, Flipkart launched a healthtech app named Flipkart Health+ to help users access medicines, healthcare products and services across the country. The ecommerce giant said that the app would deliver healthcare products and medicines to customers across 20K pin codes in the country.
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Flipkart also acquired a majority stake in healthcare platform Sastasundar.com in 2021.
Meanwhile, Amazon has also carved its niche in the online healthcare market. With the onset of COVID-19, the ecommerce giant shifted its focus toward the country’s healthcare sector by working closely with local sellers to address the growing demand for healthcare products. For this, it also boosted its seller-focussed accelerator programme in 2020.
Following this, Amazon also launched its online pharmacy service named Amazon Pharmacy in the same year.
In January 2022, Amazon broadened its healthcare services by reportedly partnering with Apollo Hospitals. Under this association, Apollo Hospital’s subsidiary Apollo Pharmacies began selling its products on Amazon’s website.
According to an Inc42 report, the Indian healthtech market is estimated to reach $21 Bn by 2025, while the country’s preventive healthcare market is anticipated to touch $170 Bn by 2025.
Qure.ai, which recently raised $40 Mn; Phable, which raised about $24.5 Mn; ekincare, which raised $15 Mn; Curelink, which raised $3.5 Mn, are some of the players in the healthtech industry in the country.