General Diagnostics raises $10.5 million from InvAscent amidst geographical expansion plans

New Delhi: General Diagnostics International (GD), a diagnostics firm offering both routine and high-end diagnostic tests, announced that it has raised its maiden equity investment of $10.5 million from InvAscent.

The funding infused by the healthcare-focused private equity firm is aimed at further enhancing GD’s technological capabilities and building in-house logistical solutions for the fast movement of biological samples. The company informed that it 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," remarked Susheel Singh, MD, 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," he added.

Founded in 2017, GD has since developed software solutions, algorithms, and processes that combine to give a layer of quality control on top of the QC methods recommended and audited by the National Accreditation Board of Laboratories (NABL).

"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 practises." Singh elaborated further. The fundraise will help the company leverage technology and distribution channels to replicate a sustainable business model across the country.

Speaking about the investment, Dr Jeevak Gupta, Director, InvAscent, said, "We are impressed with GD’s strong leadership, its innovative technology platform, distribution channel and its commitment to providing high-quality diagnostics services."

InvAscent in past has invested in healthcare companies like Gland Pharma, Dr Agarwal’s, Neuland Labs, Ankura Hospitals, Medibuddy, Sharp Sight and many more.