Manipal Group's diagnostic arm acquires Mumbai-based iGenetic
Manipal HealthMap, the diagnostics arm of Manipal Group, on Tuesday said it has fully acquired Mumbai-based iGenetic Diagnostics for an undisclosed amount.
Sources told ET that the deal size would be around Rs 200 crore.
With this acquisition, Manipal HealthMap is set to strengthen its presence in key markets, including Maharashtra, Madhya Pradesh, and Karnataka, while expanding its pan-India reach. The acquisition will also complement Manipal HealthMap’s existing portfolio, particularly in specialized testing areas such as oncology, infections, fertility, and more.
iGenetic Diagnostics, established in 2013, focuses on high-end molecular diagnostics and critical care services. The company in In 2017, raised around $20 million (Rs 130 crore) from Manipal Education & Medical Group (MEMG) and Britain's CDC Group.
Following the acquisition, Manipal HealthMap plans to accelerate its expansion efforts to establish over 200 centers by 2027, solidifying its leadership in the integrated diagnostics sector. With both greenfield and brownfield growth strategies in place, Manipal HealthMap is poised to further expand into Metro, Tier 1, Tier 2, and Tier 3 cities through various business models, including PPP, B2B, B2C, CRO, and institutional clients.
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