Apollo, Flipkart, Amazon to buy a stake in the Diagnostic chain of Metropolis Health care
- ByStartupStory | May 22, 2022
Metropolis, a Mumbai-based leading diagnostics firm is looking to raise $300Million funds. E-commerce platforms Flipkart, Amazon, and Indian Multinational Health care groups Apollo are in talks to invest and acquire a minor stake in the diagnostic firm. A non-disclosure has been signed by Apollo Hospitals and Flipkart, while Amazon had its preliminary discussions with the Diagnostic firm. The firm also had inked similar agreements with KKR & Co, Barings, and TPG Inc.
The healthcare business is in early discussions with various investors about raising funds. The offer would comprise the issuing of new shares as well as the sale of existing shares by some existing investors, including Ameera Shah, the company’s managing director.
Metropolis Healthcare, Amazon, Apollo Hospitals, Barings, Blackstone, KKR, and TPG representatives all refused to respond. Flipkart did not reply to requests for comment through email.
Founded in 1980, Metropolis healthcare operates over 3,000 diagnostic clinics and pathology laboratories in India and Africa. During the pandemic, customers sought out branded operators for testing and scans, which raised the industry.
Founded by Sushil Shah, the diagnostic firm paid 6.36 billion rupees ($82 million) for the testing chain Hitech Diagnostic Centre in 2021. Diagnostics firms must invest considerably in updated technology and equipment, as well as expand their online offers, to remain competitive. Despite the drop in its stock price, Metropolis says it plans to expand. In an exchange filing, the business stated that it aims to open 1,800 collection sites over the next three years. It plans to expand its home pickup to 200 locations within 2 years, according to a February financial report.
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