Mumbai-based healthtech startup iGenetic Diagnostics has reportedly secured $19.5 Mn (INR 130 Cr) in its latest round of funding, from CDC Group Plc, the financial institution run by the UK government, and the Manipal Education and Medical Group (MEMG).
This is the maiden investment of the jointly launched healthtech fund between the two entities. Earlier last month, they joined hands to invest $74 Mn (INR 500 Cr) targeted at healthcare networks and service providers that provide services beyond the traditional hospital systems, operating in India, Africa, and South Asia.
The startup will deploy the funds to boost its inorganic growth via acquisitions. As per an official statement, the company plans to facilitate around three-four deals in the coming months.
Launched in 2013 by Arunima Patel, Homer Paneri, and Siddharth Patodia, the startup offers molecular diagnostics services in areas of critical care, oncology, gynaecology, and infertility. As per its website, the startup offers 1,400 tests, including advanced tests for cancer, infertility, and infectious diseases as well as routine laboratory tests.
Commenting on the investment, Arunima Patel, CEO and co-founder, iGenetic Diagnostics told ET, “With the backup of strong clinical partners and a research-driven approach, we believe we will be able to create a robust pipeline of new modalities. Apart from specialised tests, the company also does routine testing as well as partners with pharma companies and hospitals for testing.
As per a Mint report, the startup functions via a hub-and-spoke model, where its central processing laboratory is situated in Mumbai and five satellite laboratories are in Mumbai, Nagpur, Ahmedabad, and Hyderabad.
Ranjan Pai, CEO, Manipal Education and Medical Group said, “The highest standards of quality, participation in cutting edge research, and fair pricing will govern the manner in which this business will be managed.”
The company further plans to acquire players in Maharashtra, Karnataka, Andhra Pradesh, Telengana and Tamil Nadu.
In August 2016, NCR-based Niramaya Path Labs acquired online diagnostics platform Labstreet in a cash and stock deal. And in December 2016, Jaipur-based healthtech startup NeuroEquilibrium Diagnostics Systems Pvt. Ltd, a super-speciality healthcare chain of vertigo and balance disorders clinics, raised $250K in a Pre-Series A round of funding.
[This development was reported by ET.]