Anderson Diagnostics and Labs, backed by Tata Capital Healthcare Fund, has initiated a process to raise about ₹250 crore through a mix of primary and secondary transactions, according to two people familiar with the matter.
“The company has appointed Veda Corporate Advisors as an advisor to help with the fundraise. The deal has been launched and several funds have been sounded out,” one of the people cited above said.
Tata Capital Healthcare Fund may also look to offload part of its stake in the company, the second person added.
The development comes nearly four years after Tata Capital acquired a minority stake in the Chennai-based company. At the time, Anderson had said the capital would be used to expand its processing network across major cities in south India.
Veda, Anderson and Tata Capital did not respond to Mint’s requests for comment till the time of publishing.
India’s diagnostics market is projected to grow at a compound annual growth rate (CAGR) of 12% to reach $15-16 billion over the next five years, according to a CareEdge Ratings report published last year.
Competitive field
Founded in 2008, Anderson Diagnostics offers imaging and specialty lab services across oncology, theranostics, clinical genetics and foetal medicine. Its portfolio spans radiology, pathology and genetics.
In FY25, Anderson’s revenue from operations rose to ₹203.3 crore from ₹155.3 crore a year earlier. Its losses narrowed to ₹7.4 crore from ₹10.1 crore, according to filings sourced by Tofler from the Ministry of Corporate Affairs.
The company competes with players such as Tenet Diagnostics, House of Diagnostics and Aarthi Scans, alongside larger listed rivals including Dr. Lal PathLabs, Metropolis Healthcare, SRL Diagnostics, Thyrocare, Apollo Diagnostics and Vijaya Diagnostic Centre.
Several companies in the diagnostics space have either raised or are in the process of raising capital, according to media reports.
Sector tailwinds
While diagnostics services account for less than 10% of India’s healthcare market, they play a critical role in early disease detection, treatment decisions and recovery monitoring.
The sector is expected to benefit from rising demand for preventive and wellness testing, changing demographics, expanding healthcare infrastructure in tier-II and smaller towns, and increasing penetration of private and public health insurance.