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Global Venture Capital fund Sequoia Capital has invested upto INR 40 crore in pathology services provider Suburban Diagnostics (India) Private Limited in a deal that is expected to catapult the Mumbai based chain into regional leadership position.
Suburban Diagnostics has more than 20 locations where diagnostic services are provided across Mumbai and Pune, with pathology labs at 7 locations and services over 1200 patients per day. Over the last 5 years, the company has been growing its footprint, expanding the range of patient services while consistently maintaining its high quality standards.
As a part of this investment, GV Ravishankar and VT Bharadwaj Managing Directors at Sequoia Capital will be joining the board. Mumbai based Investment Bank Candle Partners were sole financial advisors to Suburban for this investment. Phoenix Legal was the legal advisors to the company on the deal.
Suburban Diagnostics is recognized as one of the best health care service providers in the diagnostics space in Mumbai and Pune. Suburban was incorporated in 1994 by Dr. Sanjay Arora, an alumnus of Grant Medical College (Mumbai), Johns Hopkins Institute (USA) and Henry Ford Hospital (USA). The company provides Pathology, Radiology, Cardiology and Preventive Healthcare services. Suburban is recognized by the medical & patient fraternity for the highest standards of quality
“We are delighted to welcome Sequoia on board as an investor in Suburban. This partnership will provide us the correct impetus for growth and propel us towards becoming the largest organized B2C diagnostics service provider in Western India. “, said Dr. Sanjay Arora, Managing Director & Founder, Suburban Diagnostics
“We are excited to partner with Dr. Sanjay Arora, founder and CEO of Suburban Diagnostics, the leading player in diagnostic services in Mumbai. Our investment will help Suburban rollout its network, make investments in upgrading the infrastructure and equipment and provide high quality service to many more patients in Mumbai and Western India. In addition, it will help the company expand its footprint significantly in and outside of Mumbai,” said VT Bharadwaj, managing director, Sequoia Capital
Sequoia Capital in India currently manages funds capitalized at close to US $1.4 billion and invests across venture, growth and late stage opportunities. It takes a long term view on investments and plays the role of an active, value added partner to entrepreneurs, business families and management teams. Over the last 5 years, Sequoia Capital has invested in more than 50 companies in India including Café Coffee Day, Fashion & You, Idea Cellular, Just Dial, Manappuram Finance, Paras, Quick Heal, Micromax, Mu Sigma and Vasan Health Care. Sequoia Capital operates out of offices in Bangalore, Mumbai and New Delhi.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.