MedGenome Acquires Stake In GenX Diagnostics To Strengthen Presence In East India

SUMMARY

MedGenome said that the two companies will leverage their combined expertise to deliver superior healthcare services by providing access to various diagnostic and genomic solutions

Founded in 2017, GenX Diagnostics provides genetic and molecular testing services. It has seven diagnostic centres and 60 collection centres across Odisha

Last year, MedGenome acquired Delhi NCR-based Prognosis Laboratories to expand its geographical presence

Peak XV Partners-backed healthtech startup MedGenome has acquired a stake in Odisha-based diagnostics lab chain GenX Diagnostics to strengthen its footprint in the eastern region of the country.

In a statement, MedGenome said that the two companies will leverage their combined expertise to deliver superior healthcare services by providing access to a variety of diagnostic and genomic solutions.

However, the statement didn’t disclose the acquisition cost or the amount of stake acquired in GenX Diagnostics.

Founded in 2017 by Dr. Biswajit Mohanty and Dr. Bikash Agarwal, GenX Diagnostics provides genetic and molecular testing services. It has seven diagnostic centres and 60 collection centres across Odisha.

Commenting on the development, MedGenome CEO Dr. Vedam Ramprasad said, “This acquisition further aims to expand our network in Tier-II & III cities in India by driving deeper penetration, new market development, and bringing new tests to the market.”

This is the second acquisition by MedGenome in the last year or so. In May last year, the startup acquired Delhi NCR-based diagnostics lab Prognosis Laboratories to expand its geographical presence.

Founded by Mahesh Pratapneni and Sam Santhosh in 2013, MedGenome offers over 1,300 genetic tests across major disease categories such as oncology, inherited diseases, reproductive diseases and infectious diseases.

The startup also offers tests in the preventive wellness category via its direct-to-consumer (D2C) arm, Genessense.

MedGenome claims to have conducted over 6 Lakh genetic tests through a network of over 5,000 hospitals and more than 15,000 clinicians across India so far. It also claims to have a presence in international markets such as the US, Singapore and Africa.

The startup competes with the likes of MapMyGenome and Positive Bioscience in India. It counts LeapFrog Investments, Novo Holdings, Sofina, Emerge Ventures, Zodius Capital and International Finance Corporation among its backers.

In 2022, MedGenome secured $50 Mn in a strategic funding round led by Novo Holdings. As per Inc42 data, the startup has raised more than $185 Mn to date.

As per Inc42’s analysis, India’s healthtech market is projected to reach a size of $21.3 Bn by 2025.