Ahmedabad-based pathology-focused diagnostic lab chain Sterling Accuris Wellness today announced it has signed an agreement to raise Rs 250 crore ($34 million) of equity funds from a fund managed by Morgan Stanley Private Equity Asia.
According to a statement, Veda Corporate Advisors, a mid-market investment bank, advised the company on this transaction.
Sterling Accuris, which started its operations in 2016, currently operates a chain of 150 labs and collection centres across Gujarat, Delhi, Rajasthan, and Madhya Pradesh. With this funding, The company will penetrate deeper into the existing markets and will expand to new geographies.
Sterling Accuris in a statement said that over the last three years it has significantly expanded its lab network, invested in digital technologies, and has built a strong backend infrastructure to offer a wide variety of routine and specialized tests with quick turnaround times.
Currently, The company is aiming to achieve a revenue of around Rs 250 crore in FY22.
Speaking on the development, Girish Patel, Chairman, Sterling Accuris said:
“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.”
He further said that the company will continue with grinding principles of building a strong customer-centric brand while providing ethical and market-appropriate pathology diagnostic services.
Sterling Accuris Wellness is promoted by healthcare industry veteran Girish Patel, who is also the Chairman Emeritus of Sterling Hospitals. Sterling Accuris is headed by Rajiv Sharma, who has 25+ years of experience working in healthcare and consumer sectors with companies such as Sterling Hospitals, Johnson & Johnson, and Philips.
Rajiv Sharma, MD & CEO of Sterling Accuris, said: The investment will enable us to expand our lab network to new geographies such as Maharashtra and NCR. We will continue to invest to build capabilities in digital technologies to rapidly grow our B2C service delivery and strengthen our R&D capabilities to develop new and innovative tests in Molecular and Genetic testing.”
He further claimed that Sterling Accuris is one of the fastest-growing technology-enabled pathology lab chains in Gujarat while also having a strong presence in Rajasthan, Madhya Pradesh, and Delhi.