India-based biotech company iGenetic Diagnostics has raised $20m in funding from diversified conglomerate Manipal Education and Medical Group and CDC Group, the UK government-owned development finance institution, the Economic Times wrote yesterday.
The investment marks the first deal conducted by CDC and Manipal’s Rs5bn ($75m) healthcare-focused fund launched last week.
iGenetic Diagnostics is working on molecular diagnostics services for oncology, critical care, gynaecology and infertility. The company aims to make tests more affordable.
The cash will boost the company’s growth efforts, including through acquisitions focused on companies in several Indian cities. The company is targeting three to six such deals over the next six months.
iGenetic previously obtained $1m in funding from assorted angel investors in January last year.