CDC, Manipal commit $20m to India's iGenetic

Part of the new capital will be used to deepen iGenetic’s presence in the areas of south India where it currently operates, but most of it is earmarked for three to four acquisitions planned for later this year. The company is looking to enter central India in the near future and the rest of the country over time principally by buying up or partnering with regional firms. It also hopes to provide testing services to pharmaceutical companies and clinical research organizations.

iGenetic was founded in 2013 and offers tests ranging from routine laboratory diagnostics to advanced genetic screening, with applications in critical care, oncology, gynecology and infertility. The company raised about $1.5 million from angel investors in 2015.

It represents the first deal from the $80 million fund recently announced by CDC and Manipal for healthcare investments in emerging markets. The vehicle targets companies offering non-hospital services such as diagnostics providers and home healthcare companies, with a primary focus on South Asia and Africa.

Intended recipients for the capital are companies that have a strong presence in their respective markets and potential for building scale through acquisitions, but are facing difficulty with expansion due to management or financial issues. CDC and Manipal will advise investee companies on management improvements and introduce them to potential business partners in addition to providing financial support.

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• Topics
• South Asia
• Healthcare
• Early-stage
• India
• CDC Group