 "MOPE invests Rs 194 cr in Pathkind Diagnostics for undisclosed stake")
Motilal Oswal Private Equity on Friday announced that a fund managed by it has made an investment of Rs 194.4 crore or USD 25 million in Pathkind Diagnostics for an undisclosed stake.
The fund will be utilised for expanding into south India, further develop the IT infrastructure and digital marketing efforts, its director and promoter Eklavya Juneja said.
The diagnostics chain, started in 2016 by Sanjeev Vashishtha -- its current promoter, managing director and chief executive, and the promoters of Mankind Pharma, has over 75 labs and 2,000 exclusive collection centres in 23 states.
Stating that the diagnostics sector is set to grow to USD 30 billion in the next decade, MOPE's managing director and chief executive Vishal Tulsyan said Pathkind is well poised to take the lead in the same through the new investment and its focus on providing quality testing, widespread network, extensive doctor coverage, strong management team and parentage.
He added that this investment, being done through India Business Excellence Fund IV, is MOPE's second in the diagnostics industry after a bet on a medical equipment player.
Pathkind does over 4,000 tests across all the segments, including biochemistry, haematology, serology, histopathology, molecular biology and cytogenetics.
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"Setting up Labs run by qualified MD Pathologist doctors, skilled technicians and scientists in every nook and corner of the country using state of the art technology and automated platforms, such that the patients don't have to travel long distances for their diagnostics requirements, is our top priority," Vashishtha said.
Juneja said in the next six months, it will expand in south India to become a pan-India player.