Healthtech startup Orange Health has acquired Gurugram-based diagnostic lab Rapidx for an undisclosed sum, the company said on Wednesday.
Orange Health aims to expand its footprint in the NCR region with this deal along with enabling expansion of its flagship service - 60-minutes collection and 6 hour reporting in the northern region. Orange Health will now own a Central Referral lab post this acquisition.
The current acquisition is a part of Orange Health’s strategy to accelerate growth, expand its reach and consolidate its position in the diagnostic sector in India, the company said.
Orange Health is in the process of launching allergy test packages, cancer marker tests, maternal markers for expecting mothers and advanced immunology tests with much faster turnaround times at more affordable rates.
Launched by Dr Amit Arora, Kishore Gemini and Dr Dipti Ekka, Rapidx is a NABL (National Accreditation Board for Testing and Calibration Laboratories) and ICMR (Indian Council of Medical Research) approved diagnostic lab. Rapidx’s advanced reference laboratory set up in Flow Cytometry, Immunofluorescence, and ELISA tests will be available in Orange Health’s diagnostics services now.
“We feel that on-demand and at-home service will be the next leap in this sector from the current hyperlocal sample collection centres. This requires building an intelligent and robust supply chain and lab operations that not just promise speed but also on-time delivery. With the current acquisition, we aim to further expand our services and continue our mission to provide the fastest, timely and accurate diagnostic services to people in India,” a joint statement from Orange Health said.
Orange Health was founded in 2020 by Dhruv Gupta and Tarun Bhambra. The healthtech platform claims to be among the fastest-growing diagnostic tech companies in India.
In June, Orange Health secured a Series B funding of $25 million co-led by Bertelsmann India Investments and General Catalyst. The round also saw participation from existing investors like Accel, Y Combinator, Good Capital and Uncorrelated Ventures.
Last year, the platform raised $10 million in Series A funding led by Accel.
The personalized healthcare space has seen significant interest this year with some relatively larger deals.
Fitterfly Healthtech Pvt. Ltd raised $12 million in a Series A funding round led by Amazon Smbhav Venture Fund and Fireside Ventures, marking Amazon Smbhav’s first healthtech bet in India.
In a similar deal, Eka Care raised $15 million in a Series A round led by Hummingbird Ventures. Started by GoIbibo founders Vikalp Sahni and Deepak Tuli in 2020, Eka Care aims to build health profiles for Indians in a bid to achieve better health outcomes and savings in healthcare expenditure. It also has a digital clinic management tool.
Mental health platform Wysa raised $20 million as part of its Series B funding round led by venture capital firm HealthQuad.
In April, Doceree Media India Pvt. Ltd, which runs physician-only platform Doceree, raised Series A funding of $11 million (around Rs 83 crore) led by Eight Roads Ventures, with participation from F-Prime Capital and Alkemi Growth Capital.