MedGenome raises another $10 million from HDFC to make it a $40 million Series C

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Updated: March 05, 2018 4:04 PM

MedGenome claims to have performed over 100,000 genomic tests and has enabled clinicians to diagnose over 40 percent of unsolved cases.

MedGenome raises another $10 million from HDFC to make it a $30 million Series C

Genomics research and diagnostics company, Medgenome, has raised another $10 million from HDFC, HDFC Life and HDFC Asset Management making this round a $40 million investment. In 2017, the company had raised $30 million in Series C round in a round led by Sequoia India. The round also saw participation from Kris Gopalakrishnan and Lakshmi Narayan. The company has raised a total of $64 million in disclosed funding till date.

Commenting on the investment, Deepak Parekh, chairman of HDFC group said, “We believe understanding genetic information can have a big impact on Indian healthcare industry through early detection of disease risk and development of new medicines. We have thus decided to support MedGenome in its endeavor to make genetic tests affordable and accessible widely.”

The company in a statement stated that it’ll be using the funds raised to scale up geographically in Tier II and Tier III towns. The company further plans to enhance its genetic tests like non-invasive prenatal screening and genetic testing of newborns. It further plans to set up more centres in hospitals to help clinicians and patients make informed decisions.

MedGenome claims to have performed over 100,000 genomic tests and has enabled clinicians to diagnose over 40 percent of unsolved cases. It was initially incubated by human genomics division of SciGenome in Kerala. In 2013, it restructured its model and moved to Bengaluru to set up its Sequencing lab. The company further claims to be the only lab in India to have to have Next-gen sequencing technology.

The company, today, operates the largest NGS sequencing lab in South Asia, stated the company. It’s diagnostics tests include breakthroughs for genetic diagnostics like its OncoTrack,  proprietary liquid biopsy for monitoring cancer treatment, NIPT – a non invasive prenatal screening tests for pregnant women, among other.

According to a recent report by IBEF, the Indian healthcare market which is currently worth $100 billion, is expected to grow at a rate of 23 percent CAGR to reach the mark of $280 billion by 2020. Further the healthcare market can increase by three times to reach $372 billion by 2022. Our country is experiencing a growth of 22 to 25 percent in medical tourism and the industry is expected to hit $6 billion this year. Furthermore, the Healthcare Information technology market is expected to grow by 1.5x by 2020.  

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