Redcliffe Labs, an omnichannel diagnostics service provider, is preparing to acquire Celara Diagnostics, which will be the company’s second acquisition in the diagnostics sector this year.
The acquisition of shares of Celara Diagnostics Pvt Ltd for a sum not exceeding Rs 60 crore ($7 million) has been approved by the board of Redcliffe Labs.
Celara Diagnostics, a Bengaluru-based company, provides a wide range of diagnostic services in the fields of radiology and pathology. MRI, CT scans, ultrasonography, and specialty services in gastroenterology, cardiology, and neurology comprise its state-of-the-art facilities. FY23 saw the company generate Rs 25 crore in revenue and Rs 1.5 crore in profit. The results for FY24 have not yet been released.
Dheeraj Jain, the proprietor of Redcliffe Labs, stated in March that the company’s objective is to acquire laboratories with robust financial performance in order to increase its profitability and cash flow. Prime Sonography & Diagnostic Centre, which is located in Kota, was acquired by Medicentre, which is owned by Redcliffe Labs, for an undisclosed sum earlier this year.
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The most recent acquisition is a result of Redcliffe Labs’ recent $42 million Series C financing, which was led by the Danish investment firm IFU. The company intends to allocate the funds toward the establishment of additional laboratories and collection centers, in addition to the expansion of its presence in tier II and III cities.
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