Ahmedabad: Sterling Accuris Wellness has signed an agreement to raise Rs. 250 crore (USD 34 million) from a fund managed by Morgan Stanley Private Equity Asia, the pathology-focused diagnostic lab chain said on Monday.
Sterling Accuris, promoted by healthcare industry veteran Girish Patel, who is also chairman emeritus of Sterling Hospitals, plans to use the funds to penetrate deeper into existing markets and enter new geographies. Incidentally, this is the third investment in the Indian healthcare space for Morgan Stanley PE.
Sterling Accuris commenced operations in 2016 and operates around 150 labs and collection centres in Gujarat, Delhi, Rajasthan, and Madhya Pradesh. The company has over 1,000 employees and is eying revenue of about Rs. 250 crore this fiscal.
“Over the last five years, Sterling Accuris has built a strong business in the markets we operate in. The growth capital infusion from a seasoned investor like Morgan Stanley Private Equity Asia will help the team accelerate the execution of our expansion plan,” said Girish Patel, Chairman, Sterling Accuris.
In the last three years, Sterling Accuris has significantly expanded its lab network, invested in digital technologies, and built a robust back-end infrastructure to offer routine and specialised tests within quick turnaround times.
“We are delighted to have Morgan Stanley Private Equity Asia on board as our growth partner. The investment is a strong validation of our unique business model and the growth potential of the segments we operate in. The investment will also enable us to expand our lab network to new geographies such as Maharashtra and NCR,” said Rajiv Sharma, MD & CEO of Sterling Accuris.