Redcliffe Labs to Acquire Celara Diagnostics in Multi-Crore Deal
In a strategic move to expand its presence in the diagnostics space, Redcliffe Labs has announced its second acquisition this year. The Bengaluru-based omnichannel diagnostics service provider will acquire shares of Celara Diagnostics Pvt Ltd for an amount not exceeding Rs 60 crore ($7 million).
Celara Diagnostics, also based in Bengaluru, offers comprehensive diagnostic services in radiology and pathology, including MRI, CT scans, ultrasonography, and specialty services in neurology, cardiology, and gastroenterology. The company reported a revenue of Rs 25 crore and a profit of Rs 1.5 crore in FY23.
This acquisition follows Redcliffe Labs’ recent $42 million Series C fundraise led by IFU, a Denmark-based investment firm. The company plans to use the funds to expand its presence in tier II and III cities by opening more labs and collection centers.
Redcliffe Labs had earlier announced the acquisition of Kota-based Prime Sonography & Diagnostic Centre for an undisclosed amount. The company is looking to acquire labs with strong financial performance to boost its cash flow and profitability.
With this latest acquisition, Redcliffe Labs is positioning itself as a major player in the diagnostics space, competing with other players like PharmEasy-owned Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs. Redcliffe Labs recorded a revenue of Rs 347 crore in FY23, while incurring a loss of Rs 345.6 crore.
The acquisition is expected to further boost Redcliffe Labs’ growth and expansion plans in the diagnostics space.
