MedGenome Labs, a leading genetic diagnostics company in India, announced an investment by HDFC, HDFC Life and HDFC Asset Management to complete its Series C funding of $40 million.
In August last year, MedGenome had raised $30 million as part of Series C round led by Sequoia India and Sofina, with participation by Zodius Capital; Kris Gopalakrishnan, co-founder and former CEO of Infosys; and Lakshmi Narayanan, former CEO of Cognizant.
According to a press release, MedGenome will utilise this capital to expand the clinical genomic testing market by penetrating all the Tier II and Tier III cities and democratise the critical genetic tests like non-invasive pre-natal screening (NIPT) and newborn genetic testing. “MedGenome’s goal is to significantly reduce the burden of inherited diseases in India and assist clinicians in implementing precision medicine. We are excited about partnering with HDFC to increase adoption of genomics across India,” said Sam Santhosh, founder and chairman of MedGenome.
Further, the company said it plans to establish more genetic centres in hospitals across the country to support clinicians and to enable patients to make informed decisions.
The company founded in 2013 claimed that it had completed over 1,00,000 genomic tests and supported clinicians in diagnosing more than 40% unresolved cases. About 6% of the children born in India have inherited pediatric diseases which is double the worldwide occurrence rate.
“We are very happy to see an Indian company take a lead in a deep technology area like genomics and have decided to support MedGenome in its endeavour to make genetic tests affordable and accessible widely,” said Deepak Parekh, chairman, HDFC Group, in a statement.