Chennai-headquartered Neuberg Diagnostics Pvt. has raised Rs 940 crore in funding from Kotak Alternate Asset Managers Ltd., and a company official said on Friday that this was the largest ever fund raise in the Indian diagnostics sector.
In addition to expanding its footprint across the country, the investment from the Kotak Mahindra Group arm would enable the diagnostics chain to enhance its capabilities in personalised medicine and integrated diagnostics.
"We are thrilled to announce that Neuberg Diagnostics has secured an investment from Kotak Alt, marking a significant milestone in our journey toward becoming one of the largest diagnostics chains of Indian origin," Neuberg Diagnostics Founder and Managing Director GSK Velu said in a company statement.
The development comes even as the company is preparing to launch an IPO. "As we prepare for an IPO, we remain committed to making high-quality diagnostics accessible to all, ensuring that our services continue to meet the evolving needs of clinicians and patients," Velu added.
o3 Capital was the exclusive financial advisor to Neuberg Diagnostics for the fundraise from Kotak Alt.
"We are excited to partner with Neuberg Diagnostics as they work to transform the diagnostics landscape in India," Rahul Shah, partner at Kotak Alternate Asset Managers Ltd., said. "The investment reflects our confidence in Neuberg's vision and potential."
"We are confident that this strategic investment will play a key role in increasing the scale of Neuberg Diagnostics and help the company get ready for their upcoming IPO."
According to global data and business intelligence platform Statista, the Indian diagnostics market was valued at about $13 billion in 2023, and it expects this to grow twice its current size by 2028.
(With inputs from PTI)
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