Mumbai: Adar Poonawalla-led Serum Institute of India Pvt. Ltd is in talks to partner with medical device maker Trivitron Healthcare to scale up its investment in MyLab Discovery Solutions Pvt. Ltd and expand the Pune-based diagnostics provider’s operations internationally, said three people familiar with the matter.
Chandra Ganjoo, group chief executive officer at Trivitron; and Gurinder Bir Kaur, associate VP of human resources, have been listed as directors on the board of a new joint venture, Mylab Trivitron Next Gen Technologies, according to a legal filing sourced by Tracxn.
The deal is currently in advanced stages of due diligence, and the final contours of the transaction are yet to be decided, said two of the three people quoted earlier.
“A separate entity has been created to get rid of MyLab’s debt and facilitate the investment,” the third person said—all three spoke on the condition of anonymity as details are not public yet.
“Other strategics were also approached for a JV, but MyLab is going with Trivitron as the two have complementary synergies and the talks have actively progressed over the last two months,” the person said, adding that a deal is expected to be signed over the next few days.
Mylab founder Hasmukh Rawal confirmed to Mint in an emailed statement, “We are structuring the JV with Trivitron for better International opportunities in distribution and manufacturing with their global reach and presence, with a focus on high-end technologies of Mylab.”
Trivitron and Serum Institute declined to comment on Mint’s queries.
What Trivitron brings to the table
Mylab will benefit from Trivitron's manufacturing capabilities to bolster its presence in the in-vitro diagnostics (IVD) and molecular diagnostics in India and overseas markets. The joint venture plans to leverage Trivitron’s promoter Dr. G.S.K. Velu’s three decades of experience in the healthcare industry in scaling hospital and diagnostics chains.
Velu, a first-generation entrepreneur, has managed several diagnostic chains and hospitals, in addition to manufacturing and trading medical devices. He also has investments and key positions in Neuberg Diagnostics Pvt. Ltd, Maxivision Eye Hospitals Pvt. Ltd, Apollo Dialysis Pvt. Ltd and Sri Kauvery Medical Care Trichy, among others.
Slow recovery after Covid highs
Set up in 2016 by Rawal and Shailendra Kawade, Mylab is a molecular diagnostic company which develops and commercializes diagnostic kits used in human diagnostics, food safety, agriculture, and veterinary medicine. It offers a cost-effective diagnostic solution for the early detection and monitoring of a wide range of human ailments, including Covid-19, tuberculosis, cancer, genetic disorders, and diseases caused by parasitic, viral, and bacterial infections.
The Poonawalla group holds 49% stake in the company. Dr Cyrus Poonawalla, the promoter of Serum Institute of India Pvt. Ltd, holds 10% stake in Mylab in his personal capacity, and 32.50% is held by the Poonawalla group company Rising Sun Holdings Pvt. Ltd—which, according to a CareEdge ratings report of May 2025, is controlled by Adar Poonawalla.
Mylab’s income and operating margins have declined after the pandemic. Its income declined from about ₹825 crore in FY21 to around ₹94 crore in FY23. However, the company has been gradually recovering, reporting an operating revenue of ₹147 crore in FY24 with a profit of ₹1.8 crore, according to data sourced by Tofler from the ministry of corporate affairs.
Meanwhile, Chennai-based Trivitron group trades in and manufactures medical equipment, devices, and consumables. Established by Velu in 1998, the group has floated several joint ventures with leading global medical equipment manufacturers and healthcare service providers.
It has a diversified product profile comprising C-arm/X-ray scans, ultrasound, newborn screening, radiation protection apparel, surgical imaging, and ICU products, among others.
Trivitron currently manufactures around 50% of its products, while the remaining are imported and resold in the domestic market. The company also has a presence in Turkey, Finland, the US, and China. About 57% of its consolidated revenues are derived from Asian entities (including India), while the remaining come from other overseas markets, Icra Ltd said in a report in July last year.
In FY25, the company reported revenue of ₹489.8 crore, up from ₹440.6 crore a year earlier, the rating firm said. It reported a profit after tax of ₹2.9 crore compared with a loss of ₹10.8 crore a year earlier.
The global healthcare market is rapidly expanding, with total expenditure estimated at around $9 trillion, driven by an ageing population, rising chronic disease prevalence, and digital transformation, according to online reports. The sector, encompassing services, products, and technology, is witnessing robust growth, driven by significant investments in AI and digital health, especially in North America and Asia-Pacific.