iGenetic Diagnostics plans to use a major chunk of the latest funding for acquisitions
Mumbai: iGenetic Diagnostics Pvt Ltd has secured funding of around Rs130 crore from Manipal Education and Medical Group and UK firm CDC Group Plc., according to two people familiar with the development.
This is the first investment made by the recently launched healthcare fund of Manipal Education and CDC Group. Last week, the two announced a partnership to invest an initial Rs500 crore in healthcare services beyond conventional hospital services in India, elsewhere in South Asia, and Africa.
An iGenetic Diagnostics’ spokesperson confirmed the development but did not comment on the size of the funding raised.
The diagnostics company offers 1,400 tests, including differentiated and specialized tests for cancer, infertility, and infectious diseases as well as routine laboratory tests. The firm raised $1.5 million in 2015 from angel investors.
iGenetic Diagnostics plans to use a major chunk of the latest funding for acquisitions, one of the two persons cited above said. Both requested anonymity.
“The company is looking to partner with or outright acquire other diagnostic companies in certain geographies like Maharashtra, parts of Gujarat, and southern India. It has already started discussions with some players," the first person said.
The company operates on a hub-and-spoke model with a central processing laboratory in Mumbai and five satellite laboratories in Mumbai, Nagpur, Ahmedabad and Hyderabad.