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Manipal Group hikes stake in iGenetic Diagnostics to 100%

Economic Times  

Manipal HealthMap has fully acquired Mumbai-based iGenetic Diagnostics to strengthen its presence in Maharashtra, Madhya Pradesh, and Karnataka, and expand its pan-India reach. This acquisition aims to accelerate the acquirer’s expansion to over 200 centers by 2027, enhancing its diagnostics portfolio in specialized testing areas.iGenetic Diagnostics, established in 2013, focuses on high-end molecular diagnostics and critical care services.

In Mar 2017, iGenetic had raised around USD 20 million from CDC-MEMG .In Jan-22, Manipal Health Enterprises Private Limited acquired a 42% stake in iGenetic for USD 6 million.For FY24, iGenetic had reported about INR 28 Cr in Operating Income and about INR 8 Cr in Net Loss.