New Delhi, Jan. 22 -- House of Diagnostics Healthcare Pvt Ltd, which operates a network of radiology and pathology centres under the House of Diagnostics brand, has raised investment from asset manager 360 ONE Asset to scale its diagnostics platform and expand its footprint in urban markets.
The Delhi-based diagnostics chain said on Thursday that 360 ONE Asset has acquired a minority stake in the company. The financial terms of the transaction were not disclosed.
The fresh capital will be used to support expansion across key urban markets, strengthen clinical and digital capabilities, and ramp up its consumer-led diagnostics offerings across pathology, radiology, and nuclear medicine, the company said in a statement.
The investment announcement comes more than two weeks after VCCircle reported that the north Indian-focused diagnostics chain was in advanced talks to raise about $35-40 million (Rs 316-360 crore) from new investors, including pharmaceutical company Famy Care's family office and Tata Capital Healthcare Fund.
House of Diagnostics had initiated fundraising discussions in July last year and held talks with investors, including Asia Healthcare Holdings. Asia Healthcare, a single-speciality hospital platform backed by Singapore sovereign wealth fund GIC, was looking to acquire a majority stake in the company, VCCircle had reported.
"This partnership with 360 ONE Asset gives us long-term capital and a like-minded partner who understands consumer-facing healthcare services platforms," said Shubham Sogani, CEO of House of Diagnostics. "We will use this investment to expand into new tier I cities, beginning with Mumbai, deepen our B2C (business-to-consumer) engagement, and continue setting benchmarks in integrated diagnostics and patient experience," he added.
House of Diagnostics is a B2C-focused integrated diagnostics platform offering pathology, radiology, and nuclear medicine services through walk-in centres, home collection, and digital channels. Its services range from routine pathology tests to high-end imaging modalities such as MRI, CT, and PET-CT. The company currently operates across Delhi, Haryana and Uttar Pradesh, with services delivered through its own centres and a network of over 170 blood collection centres.
The company joins a growing list of diagnostics chains in India that have drawn investor interest in recent months. In December, private equity firm Vixar, formerly Arpwood Partners, acquired a majority stake in Bengaluru-based dAIgnostiX Services Pvt Ltd. In January last year, Kotak Strategic Situations India Fund II, managed by Kotak Alternate Asset Managers Ltd, invested Rs 940 crore in Neuberg Diagnostics Pvt Ltd.
"Diagnostics is increasingly becoming a consumer-driven category, where patients value speed, transparency, and accuracy," said Tarun Sharma, senior fund manager and strategy head, consumer and healthcare at 360 ONE Asset. "This (investment) aligns with 360 ONE Asset's healthcare investment thesis: backing patient-centric businesses with strong foundations that can withstand the test of scale."
Published by HT Digital Content Services with permission from VC Circle.