The company’s second acquisition in the diagnostics sector this year will be Celara Diagnostics, which is set to be acquired by omnichannel diagnostics service provider Redcliffe Labs.
Redcliffe Labs’ board of directors has approved the purchase of Celara Diagnostics Pvt Ltd shares for a maximum price of Rs 60 crore ($7 million).
Comprehensive radiological and pathological diagnostic services are provided by Bengaluru-based Celara Diagnostics. In addition to specialty services in neurology, cardiology, and gastroenterology, its cutting-edge facilities include MRIs, CT scans, and ultrasounds. In FY23, the company brought in Rs 25 crore and made Rs 1.5 crore in profit. Its FY24 results are still pending.
Redcliffe Labs founder Dheeraj Jain stated in March that the company wants to increase its cash flow and profitability by acquiring labs with solid financial performance. Prime Sonography & Diagnostic Centre in Kota was purchased by Medicentre, a company owned by Redcliffe Labs, earlier this year for an undisclosed sum.
The most recent acquisition comes after Redcliffe Labs raised $42 million in a Series C funding round headed by the Danish investment firm IFU. The company intends to use the money to increase its footprint in tier II and tier III cities by opening additional labs and collection centers.
The company also hired Alka Saxena, a former employee of Dr. Lal PathLabs and Health Care at Home, as the new CFO, and Ankur Shah, the former CFO of Careem, as an independent director.
Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs are owned by PharmEasy; Redcliffe is a rival company that brought in Rs 347 crore in revenue but lost Rs 345.6 crore. It hasn’t yet submitted its FY24 financials.
