GD raises USD 10.5M from InvAscent to expand geographical reach

General Diagnostics International (GD), a Mumbai-based diagnostics firm offering both routine and high-end diagnostics tests, today announced that it has raised its maiden equity investment of $10.5 million from InvAscent, a leading healthcare focused private equity firm in India.

The funding will be used to further enhance GD’s technological capabilities and build in-house logistical solutions for fast movement of biological samples. The company will also use the funds to expand its network of laboratories across India.

“We are excited to partner with InvAscent as we embark on our next phase of growth,” said Susheel Singh, MD of General Diagnostics. “InvAscent’s deep understanding and wisdom in conventional and tech-based healthcare delivery solutions will be invaluable to us as we continue to expand our reach and provide high-quality diagnostics services to patients across India.”

GD was founded in 2017 by a team of experienced healthcare professionals with a vision to provide accurate and timely diagnostics services at affordable prices with a presence of a pan-India network of labs and partners. The company has since developed software solutions, algorithms and processes which combine to give an additional layer of quality control on top of the QC methods recommended and audited by National Accreditation Board of Laboratories (NABL) and established a reputation for excellence in the medical fraternity, especially amongst hospitals “GD, which has been bootstrapped till now, believes this to be an ideal time for raising money for expansion as the industry is undergoing a rationalisation in funding, competition and business practices.” Singh added.

“GD has developed and deployed its technologies and IP solutions across laboratories in India, Europe and LATAM countries. The fundraise will help us leverage our technology and distribution channel to replicate a sustainable business model across the country.”, highlighted Susheel.

“We are impressed with GD’s strong leadership, its innovative technology platform, distribution channel and its commitment to providing high-quality diagnostics services,” said Dr. Jeevak Gupta, Director of InvAscent. “We are excited to back and partner with GD in making its vision, a reality

InvAscent is a leading healthcare focused private equity firm in India with over $500 million in assets under management. The firm has invested in over 30 healthcare companies in India since 2007, including Gland Pharma, Dr. Agarwal’s, Neuland Labs, Ankura Hospitals, Medibuddy, Sharp Sight and several others.
MB Bureau