Genetic diagnostics player Lilac Insights raises Rs 50 cr from Dadlani, others

Mumbai: Lilac Insights, a genetic diagnostic laboratory, has raised Rs 50 crore from various investors for expansion activities, a top official said on Thursday. The round was led by banker Rajiv Dadlani and also saw participation from Rahul Talwar, Allana Group, Sajid Fazalbhoy,, Sebi-registered fund Rockstud Capital, Kayenne Ventures (Singapore), Associated Capsules Group and Singapore-based Thakrals) the Navi Mumbai-based company said.

Its co-founder Subhamoy Dastidar told that the company is valued at Rs 200 crore and the new investors will be getting 25 per cent stake. The promoters will be holding 60 per cent stake, while a set of early investors will have 15 per cent, he said.

The 2011-incorporated company offers specialized diagnostics services for prenatal, newborn and in oncology or cancer disorders, and is planning to get into counselling for mental health and genetic problems, he said.

The company, which had a revenue of Rs 40 crore last year and has been delivering profits since FY19 with a pre-tax profit margin of 70 per cent, is also planning to expand in Navi Mumbai, Dastidar said.

Dastidar said it is confident of taking the revenue up to Rs 300 crore in the next five years on the back of higher demand in the niche segment that it operates in.

Once the revenue touches Rs 300 crore, the company will be looking to go public through an initial public offering which can also give an exit opportunity to the existing investors, he said.

At present, a majority of its work is concentrated in the metro cities and other major cities of the country, he said, adding it has 7,000 doctors and 1,700 hospitals in 250 cities or towns who send their samples for tests.

Its main lab is in Navi Mumbai and it also has a bigger lab in Bengaluru, he said, adding that there are satellite labs in Chandigarh, Pune and Kolkata.