Sterling Accuris Wellness Pvt Ltd, a pathology-focused diagnostic lab chain, said it has raised $34 million (Rs 250 crore) from a fund managed by Morgan Stanley Private Equity Asia.
The company said it will use the funds to penetrate deeper into markets and enter new geographies.
Over the last three years, Sterling Accuris said it has significantly expanded its lab network, invested in digital technologies, and built a strong backend infrastructure to offer a variety of routine and specialised tests.
It is aiming to achieve a revenue of around Rs 250 crore for FY22.
Founded in 2016, Sterling Accuris is promoted by Girish Patel, has over 1,000 employees, and operates around 150 labs and collection centres across Gujarat, Delhi, Rajasthan, and Madhya Pradesh.
“Over the last five years, Sterling Accuris has built a strong business in the markets we operate in and the growth capital infusion from a seasoned investor like Morgan Stanley Private Equity Asia will help the team accelerate the execution of our expansion plan,” Girish Patel, chairman of Sterling Accuris, said.
Veda Corporate advised Sterling Accuris and its promoters on the transaction.
The investment in Sterling Accuris points to sustained investor interest in the sector that has received tailwinds from the coronavirus pandemic.
Dealmaking in healthcare across private equity, venture capital, and mergers and acquisitions touched a peak amid the pandemic during the first half of 2021 both in terms of volume and value.
Notably, not only did dealmaking peak in value terms at $4.7 billion but also more than doubled from the average of the last four six-monthly periods, showed a VCCircle analysis.