New Delhi, Aug. 19 -- Usmanpura Imaging Centre (UIC), a Gujarat-based diagnostics platform, has secured growth investment from a family office as it looks to expand its presence in the state and the broader region, VCCircle has gathered.

The Ahmedabad-based company, which offers radiology and pathology services, raised an equity investment from OFAAFO Advisors, a family office that invests in categories such as healthcare, consumer, financial services and technology.

OFAAFO Advisors, led by former investment banking professional Siddhi Kaul, picked up a minority stake in UIC by investing around $2 million (Rs 19 crore), according to two people familiar with the matter, who did not want to be named.

"The capital will directly support our expansion into new markets, continued investment in advanced imaging technology, and our commitment to accessible, high-quality diagnostics," said Amit Gupta, co-founder of Usmanpura Imaging Centre.

Boutique investment bank Evernile Capital acted as UIC's exclusive financial advisor for this transaction.

UIC plans to use the proceeds to expand its diagnostics platform across Gujarat and the wider western India market, the company said in a statement. It operates 16 diagnostics centres in Gujarat and intends to foray into adjacent states such as Rajasthan.

One of the people VCCircle spoke to said that UIC plans to use a mixed approach to grow its footprint. This includes a shop-in-shop model, where the company partners with hospitals to set up diagnostics facilities internally, and greenfield and brownfield projects led expansion.

Background

The company is led by its radiologists and husband-wife duo Amit Gupta and Aradhana Gupta, who acquired UIC as a single centre after completing their management programme at the Indian School of Business.

Currently, UIC offers a range of diagnostic imaging and radiology services such as high resolution computed tomography (HRCT), MRI, DXA scan for bone density, and CT Angiography. One of the persons cited above, who did not want to be named, said UIC clocked revenue of Rs 62-65 crore in the last financial year.

"UIC is an excellent example of how a doctor-led diagnostics brand, grounded in decades of clinical trust and a steadfast commitment to patient experience, can scale into a professionally-run platform across India's high-growth regional cities," said Varun Jhaveri, managing partner, Evernile Capital.

Gurugram-based OFAAFO Advisors is a single-family office that typically invests between Rs 1 crore and Rs 20 crore ($100,000 - $2 million) and also makes follow-on investments. Some of its portfolio companies include life sciences technology services firm BioQuest, home improvement retailer MR.DIY, home healthcare firm HDU Healthcare, and post purchase digital platform OneDios.

Published by HT Digital Content Services with permission from VC Circle.