With this acquisition, Medlife plans to consolidate its diagnostics business by integrating its technology platform with the logistic strength of both parties.
Bengaluru-based Medlife International announced its acquisition of Mumbai based Medlabz on Thursday. It is a digital healthcare platform and a ‘diagnostics at home’ services company.
With this acquisition, the company plans to consolidate its diagnostics business by integrating its technology platform and the logistic strengths of both companies.
Medlife also announced a Central Laboratory in Bengaluru – its highest development. According to a statement, these combined investments are part of its plans to offer an enhanced and seamless healthcare experience in diagnostics.
Tushar Kumar, Founder and CEO of Medlife, said,
“The sophisticated diagnostic capabilities offered by Medlabz will help us strengthen our position in the diagnostics segment. In diagnostics alone we have so far served 90,000 unique customers till date with over 1, 50,000 deliveries. We will be equipped to now serve more people with our enhanced services through our Lab Technology platform.”
Medlife claims to be a first of its kind online pharmacy company, providing integrated services catering to all healthcare needs of a customer from doctor e-consultations, to lab tests, health supplements and delivery of medicines.
Founded in 2015 by six alumni from IIT-Bombay and IIT-Delhi, Medlabz, through its predictive AI-based engine, provides high-quality health insights to patients and corporates using gathered clinical data from diagnostics, doctor and diet consultations.
Siddharth Bidwan, Founder and CEO of Medlabz, said,
“We see a great cultural fit with Medlife and the merged entity will be on the accelerated path to build a stronger business and initiate the next big wave in the Indian healthcare ecosystem.”
Medlife’s Central Lab is spread over 5,000 sq. ft and is reported to be a fully automated path lab and is expected to provide services like Digital X-ray, 3D Ultra Sound, 2D Echo, cardiac tests like ECG and TMT with a capability of processing nearly 10,000 tests in a single shift.
According to the company, its current annual revenue run rate of Rs. 100 crore per month is expected to double by March 2019 and touch Rs 500 crore by March 2020. At present, it is serviceable in Ahmedabad, Bengaluru, Bhopal, Chennai, Delhi-NCR, Hyderabad, Jaipur, Kolkata, Mumbai and Varanasi.