Reliance Acquires Healthtech Startup Karkinos With 375 Crore

Mukesh Ambani's Reliance Industries has acquired Karkinos, a technology-driven healthcare platform focused on oncology, for Rs 375 crore, the company announced on Saturday.

Reliance Strategic Business Ventures (RSBVL), a fully-owned subsidiary of Reliance, completed the acquisition of Karkinos Healthcare Pvt Ltd by allotting the required shares, according to a stock exchange filing.

The filing stated that the acquisition of Karkinos will help expand Reliance group's health services business portfolio. It also mentioned that the resolution plan for Karkinos was approved by the National Company Law Tribunal (NCLT), Mumbai Bench, and no further government or regulatory approvals were required for the transaction.

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On December 27, 2024, RSBVL subscribed to 10 million equity shares of Rs 10 each, worth Rs 10 crore, and 365 million optionally convertible debentures of Rs 10 each, worth Rs 365 crore, in Karkinos, as per the filing.

Karkinos has canceled the 30,075 equity shares previously held by its former shareholders as part of the approved resolution plan. Its past major investors included Ewart Investments Limited (a subsidiary of Tata Sons), Reliance Digital Health Ltd (a subsidiary of Reliance Industries), Mayo Clinic (US), Sundar Raman (Director at Reliance Foundation Youth Sports and former COO of the Indian Premier League), and Ravi Kant (ex-MD of Tata Motors).

About Karkinos

Karkinos, founded in India on July 24, 2020, provides innovative, tech-based solutions for early cancer detection, diagnosis, and management. It reported a turnover of around Rs 22 crore for the 2022-23 fiscal year.

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Karkinos focuses on providing affordable, comprehensive cancer detection and treatment services while maintaining healthy profits. To achieve this, the company has partnered with hospitals to offer oncology services like testing and radiation therapy. 

By December 2023, Karkinos had partnered with around 60 hospitals and is also setting up a 150-bed multispecialty cancer hospital in Imphal, Manipur. Moving forward, its revenue will come from services like Advanced Cancer Care Diagnostics and Research (ACCDR), Distributed Cancer Care Network (DCCN), corporate tie-ups for early cancer diagnosis, and cancer care hospitals.

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