New Delhi, May 18 -- Genomics-driven diagnostics and research services firm MedGenome, which is backed by investors such as Novo Holdings, LeapFrog Investments and Maj Invest, said Monday it has acquired a majority stake in Mumbai-based Siddhi Diagnostics & Research Centre (SDRC) in an attempt to strengthen its presence in the city's western suburbs.
The terms of the transaction were not disclosed.
Siddhi Diagnostics, which has a strong presence across Mumbai's extended western suburbs, specializes in diagnostic imaging and offers services such as MRI, CT, X-ray, sonography, mammography, interventions, cardiac investigations, HSG, OPG, and BMD.
"SDRC's strong presence in the extended Mumbai region enables us to integrate genomics into everyday clinical practice in high-growth suburban markets, where the need for quality diagnostic solutions continues to grow," said Surajit Chakrabartty, CFO of MedGenome.
Founded in 1995, SDRC is led by doctors Ajit Pungavkar and Sona Pungavkar and operates five centres across Nalasopara (East and West), Vasai, Virar and Thane, supported by advanced infrastructure comprising four MRI and five CT systems. It caters to a large and diverse patient base through walk-in services, home collections, and partnerships with hospitals and laboratories.
The acquisition aligns with MedGenome's focus on advancing an integrated approach to diagnostics by bringing together complementary capabilities across imaging and advanced testing to support patients across the care journey within a single ecosystem.
The latest deal marks MedGenome's second acquisition this year.
In March, the company had acquired a "majority" stake in Medcare Management Services Pvt Ltd, a radiology and nuclear medicine provider specializing in PET-CT and advanced molecular imaging services.
For FY25, MedGenome's consolidated revenue rose 35.7% year-on-year to Rs 404.4 crore. It reported a net profit of Rs 47.5 crore, compared with a loss of Rs 84.1 crore a year ago, according to VCCEdge, the data research arm of VCCircle.
In 2025, the company raised $47.5 million in a Series E funding round co-led by Maj Invest, existing investor Novo Holdings and Sofina.
In 2022, it raised $50 million in a strategic funding round led by Novo Holdings, with participation from existing investors such as LeapFrog Investments and Sofina.
Published by HT Digital Content Services with permission from VC Circle.