InvAscent Funds General Diagnostics for $10.5 Mn

The funding will be used to further enhance GD's technological capabilities and build in-house logistical solutions.

General Diagnostics International (GD), a diagnostics firm based in Mumbai, has secured its first equity investment of $10.5 million from InvAscent, a healthcare-focused private equity firm in India.

The funding will be utilized to strengthen GD's technological capabilities and establish in-house logistical solutions for the efficient transportation of biological samples. Additionally, the company plans to expand its network of laboratories throughout India.

Susheel Singh, Managing Director of General Diagnostics, expressed excitement about partnering with InvAscent for the next phase of growth. He acknowledged InvAscent's extensive expertise in conventional and technology-based healthcare delivery solutions, which will prove invaluable as GD aims to expand its reach and provide high-quality diagnostics services to patients across India.

Founded in 2017 by a team of healthcare professionals, GD has developed software solutions, algorithms, and processes that enhance the quality control measures recommended and audited by the National Accreditation Board of Laboratories (NABL). These additional layers of quality control ensure the accuracy and reliability of GD's diagnostics tests.

Singh further explained that GD has successfully deployed its technologies and intellectual property solutions across laboratories in India, Europe, and LATAM countries. The recent fundraise will enable the company to leverage its technology and distribution channels, facilitating the replication of a sustainable business model across the entire country.

The investment from InvAscent comes at a crucial time when diagnostic services demand in India is increasing. With the COVID-19 pandemic highlighting the importance of accurate and timely diagnostics, GD's expansion efforts will contribute to strengthening the country's healthcare infrastructure.

The company's focus on technological advancements and in-house logistical solutions reflects its commitment to providing efficient and reliable diagnostic services. By leveraging funding from InvAscent, GD aims to enhance its capabilities and extend its reach to more patients in need.

The recent equity investment of $10.5 million from InvAscent will be helpful to General Diagnostics International's growth plans. The funding will be used to enhance technological capabilities, establish in-house logistical solutions, and expand the network of laboratories across India. GD's focus on quality control and technology-driven solutions positions it as a key player in the diagnostics industry, poised to provide high-quality services to patients throughout the country.