Metropolis Healthcare
Metropolis Healthcare, also known as Metropolis Labs, is an Indian multinational chain of diagnostic labs, with its central laboratory in Mumbai, Maharashtra. Metropolis Healthcare has a chain of 124 clinical laboratories and 2400 collection centers across 7 countries including India. The healthcare company was founded in 1980. The company went public in April 2019.
History
Metropolis was founded by Dr. Sushil Kanubhai Shah in 1980. The healthcare company was started as a single diagnostic laboratory in Mumbai. Shah's daughter, Ameera Shah, took over the pathology business in 2001. The company started out by partnering with local and regional diagnostic chains, thereby spreading its reach across the country. Metropolis Healthcare has expanded into new service areas, like Clinical Research, Hospital Lab Management and Wellness Solutions, in the past decade. Metropolis Healthcare began its international expansion in 2005 with Sri Lanka being the first market. It further expanded to UAE in 2006, followed by Kenya in 2013 and Mauritius and Ghana in 2014.In February 2018, Metropolis partnered with National Aids Control Organisation for a three-year project for diagnosis of HIV at 560 locations in India. As of 2018, the diagnostic chain consists of 124 clinical laboratories and 2400 blood collection centers across India, Ghana, Kenya, Zambia, Uganda, Mauritius and Sri Lanka.
In October 2019, Metropolis Healthcare acquired four individual laboratories, Doctor's Clinical Laboratory, Iyer Pathology Laboratory, Nagar Pathology Laboratory and Yash Clinical Laboratory, a subsidiary of Dr Lal PathLabs in Surat, Gujarat, for INR 18 crore. The acquisition was done in order to expand the penetration of Metropolis's wholly owned subsidiary Desai Laboratories.
In October 2021, Metropolis completed the acquisition of South Indian diagnostic chain Hitech Diagnostic Centre and its subsidiary Centralab Healthcare Services for 636 crore.
Funding
ICICI Venture invested 35 crore in Metropolis in the year 2006 through its India Advantage Fund. In 2010, Warburg Pincus invested about $85 Million in Metropolis, paving a way for ICICI to exit. The Shah family purchased the exiting stake from Warburg Pincus for a healthy return on investment. The company is backed by several investors including Carlyle Group, CA Lotus Investments and Kohlberg Kravis Roberts. In 2015, KKR backed Ameera Shah through promoter debt funding.In April 2019, the company raised Rs 530 crore from 26 anchor investors, including Small Cap World Fund, Neuberger Berman Emerging Market Equity Fund, Fundsmith Emerging Equities Trust PLC and First State Indian Sub Continent Fund, among others.