New Delhi, May 28 -- Mumbai-based genetics testing company Lilac Insights Pvt. Ltd has secured fresh capital to support its next phase of growth across reproductive health and oncology diagnostics verticals, a top executive told VCCircle.
Lilac Insights, which operates in more than 250 cities and towns including Bengaluru, Chennai, Pune, Kolkata, and New Delhi, has raised Rs 50 crore ($5.2 million) in a bridge financing deal from InCred Alternatives, the asset management and alternative investments platform of InCred Capital.
The transaction is structured as a debt investment with optional equity conversion.
Centrum Capital acted as the sole advisor for the transaction.
Lilac Insights co-founder Gulshan Bakhtiani told VCCircle the company opted for a customised debt structure after evaluating multiple funding options.
"Following our recent evaluation of funding options, we determined that internal organisational developments were not yet fully reflected in our financial performance. To avoid premature equity dilution, we transitioned to a customized debt structure architected by Centrum, which aligns with our specific requirements," Bakhtiani said.
Rajendra Naik, managing director of investment banking at Centrum Capital, said the transaction will preserve Lilac's equity value while enabling operational expansion. "It positions the company to accelerate innovation, broaden genetic diagnostic offerings and deliver sustainable growth under new leadership," Naik said.
Lilac plans to use the fresh capital to deepen penetration across existing customer segments and geographies, accelerate launches in pregnancy management, IVF and oncology, and invest in IT and marketing infrastructure while resolving legacy operational bottlenecks.
The company was founded in 2011 by Subhamoy Dastidar, Rakesh Sharma and Gulshan Bakhtiani. It offers diagnostic services for prenatal, newborn and cancer. It also offers genetic counselling.
Previously, the company had raised Rs 50 crore from investors including early-stage venture capital firm Rockstud Capital and processed food products exporter Allana Group in 2021.
The company has been working on improving operational efficiency over the past few years. Bakhtiani said the company improved its bottomline from a loss of Rs 17 crore in the financial year through March 2023 to a profit of Rs 11 crore in FY26, while reaching an annual recurring revenue of around Rs 100 crore.
He didn't disclose the company's revenue for FY25. Its revenue from operations stood at Rs 77.2 crore in FY25 and Rs 76.2 crore the year before and Rs 70.7 crore in FY23, according to VCCEdge.
Bakhtiani said that growth remained muted during the period because the company limited expansion spending while focusing on cost and operational optimisation.
Lilac Insights has also appointed Sushant Kinra as joint chief executive officer to lead the next growth phase. According to Bakhtiani, the company is targeting a 25% compound annual growth rate over the next three years through new product launches across categories.
"While we are currently well-capitalized for our expansion plans, we remain attentive to the rapid evolution of Genomics into Proteomics and Multiomics. Consequently, we will continue to evaluate strategic and innovation-driven growth opportunities as they arise," he said.
Published by HT Digital Content Services with permission from VC Circle.