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This is the largest-ever primary fundraise in the Indian diagnostics segment and the first private equity round for Neuberg Diagnostics.
The company, promoted by GSK Velu, will use the proceeds of the pre-initial public offering (IPO) fundraise to bolster its merger and acquisition (M&A) ability as it looks to become India’s largest diagnostic chain before a planned new share sale sometime next year.
“This funding will enable us to enhance our capabilities in the areas of personalised medicine, integrated diagnostics and inorganically expand our footprint across the country. 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,” said Dr GSK Velu, Founder and MD of Neuberg Diagnostics.
o3 Capital acted as the exclusive financial advisor to Neuberg Diagnostics for the fundraise from Kotak Alt.
Neuberg Diagnostics is one of the country’s major diagnostic service providers, with a presence not just in the Indian market but also in the UAE, South Africa and US.
The chain has the capability to perform over 5,000 varieties of pathological investigations. It provides various health checkup packages starting from ₹1,000 to ₹8,500.
The diagnostic chain processes over 20 million tests every year, with 33 labs in India and other regions.
In the runup to its IPO, Neuberg Diagnostics last year merged Neuberg Supratech Reference Laboratory, Ahmedabad, and Neuberg Anand Reference Laboratory, Bengaluru, with the parent company to streamline operations and to enhance efficiency,
Last year, the company also formed a 50:50 joint venture with Kolkata-based diagnostic chain Pulse Diagnostics to expand its footprint in the eastern parts of India.
