Exclusive
scalehealthtech Realize your Healthcare’s Digital Transformation journey with ScaleHealthTech Learn More

Redcliffe Labs to Acquire Celara Diagnostics in INR 60 Cr Deal

Written by : Jayati Dubey

September 26, 2024

Category Img

Redcliffe Labs’ founder Dheeraj Jain stated the company’s strategy to acquire financially strong labs to enhance cash flow and profitability.

Omnichannel diagnostics provider Redcliffe Labs is set to acquire Celara Diagnostics, marking its second acquisition in the diagnostics sector this year.

The board of Redcliffe Labs has approved the acquisition of Celara Diagnostics for an amount not exceeding INR 60 Cr ($7 million).

Celara Diagnostics, based in Bengaluru, provides comprehensive radiology and pathology services, including MRI, CT scans, and ultrasonography, as well as specialized services in neurology, cardiology, and gastroenterology.

The company generated INR 25 Cr in revenue and INR 1.5 Cr in profit for FY23, with FY24 financials yet to be released.

Redcliffe Labs’ Strategic Growth Plans

Earlier this year, Redcliffe Labs’ founder Dheeraj Jain stated the company’s strategy to acquire financially strong labs to enhance cash flow and profitability.

In March, Redcliffe Labs-owned Medicentre acquired Prime Sonography & Diagnostic Centre in Kota for an undisclosed sum, showcasing the company's aggressive expansion efforts in the diagnostics space.

Redcliffe Labs’ latest acquisition follows its $42 million Series C funding round, led by Denmark’s IFU (Investment Fund for Developing Countries). The funds are aimed at opening more labs and collection centers while expanding into Tier II and III cities across India.

To strengthen its leadership team, the company has appointed Ankur Shah, former CFO of Careem, as an independent director, and Alka Saxena, formerly with Dr Lal PathLabs, as the new CFO.

With competitors like Thyrocare, Healthians, and 1mg, Redcliffe Labs reported a revenue of INR 347 Cr in FY23, though it posted a loss of INR 345.6 Cr. The company’s FY24 financial results are yet to be filed.

In another acquisition development, Fortis Healthcare has applied to the Competition Commission of India (CCI) to increase its stake in Agilus Diagnostics.

The proposed deal involves acquiring an additional 31.52% from three private equity investors for INR 1,780 Cr, raising Fortis's ownership from 57.68% to 89.2%.

Valued at INR 5,700 Cr, Agilus operates a network of clinical labs and provides diagnostic services. Fortis assured the CCI that the acquisition would not negatively impact competition in the Indian healthcare market.

Stay tuned for more such updates on Digital Health News.


ABOUT US

Digital Health News ( DHN) is India’s first dedicated digital health news platform launched by Industry recognized HealthTech Leaders. DHN Is Industry’s Leading Source Of HealthTech Business, Insights, Trends And Policy News.

DHN Provides In-Depth Data Analysis And Covers Most Impactful News As They Happen Across Entire Ecosystem Including Emerging Technology Trends And Innovations, Digital Health Startups, Hospitals, Health Insurance, Govt. Agencies & Policies, Pharmaceuticals And Biotech.

CONTACT US

© Digital Health News 2024