Metropolis Healthcare Ltd, India’s second-largest pathology chain, has agreed to acquire Dehradun-based diagnostic service provider Dr. Ahujas’ Pathology and Imaging Centre (DAPIC), marking its third acquisition in just four months.
Metropolis will acquire DAPIC for Rs 35.01 crore in cash, the company said in a stock-exchange filing on Monday.
The deal highlights Metropolis’ ongoing acquisition drive in northern India, where it plans to deepen its presence.
In December 2024, the Mumbai-based firm struck a deal to acquire oncology-focused diagnostic services provider Core Diagnostics to bolster its advanced cancer testing portfolio and expand in the northern and eastern regions. Last month, it announced the acquisition of Agra-based Scientific Pathology to widen its network further.
DAPIC was founded in 1990 by Dr. Alok Ahuja and Dr. Alka Ahuja. It operates two laboratories, 11 patient service centres, and nine hospital-based centres. It offers a full suite of pathology and soft radiology services, including ultrasound, ECG, and X-ray.
In FY24, the company posted consolidated revenue of Rs 12.4 crore, up from Rs 12.2 crore in FY23. However, this marked a drop from Rs 17.4 crore in FY22. In FY25, the unaudited revenue is estimated at Rs 11.5 crore, with 73% coming from pathology services and 27% from radiology, according to the filing.
The acquisition strengthens Metropolis’ presence in Dehradun, Uttarakhand. Combined with the Core Diagnostics and Scientific Pathology deals, the latest buyout has raised the North India contribution to the company’s overall revenue from 8% to an estimated 14–15%, said Ameera Shah, executive chairperson of Metropolis.
The move aligns with Metropolis’ broader strategy of expanding into underserved markets. At the time of the Core Diagnostics deal, Shah told VCCircle that the company was considering smaller acquisitions in the northern and eastern regions of the country. “In markets where our consumer brand presence is limited, acquiring a local leader could provide a strong platform for entry and growth,” she said.
In a separate interaction with VCCircle, Shah added that Metropolis planned to add another 100 locations in the fiscal year that began in April, with 95% of them in tier II, III, and IV cities. North and central India will remain priority areas. Over the next five years, she expects the region’s contribution to overall revenues to rise further, reaching 18–20%.
Established in 1981, Metropolis is India’s second-largest diagnostics chain after Dr Lal PathLabs Ltd. It operates in over 700 towns and cities across 22 states and three Union Territories, offering a portfolio of more than 4,000 tests, including advanced diagnostics for cancer, neurological disorders, infectious diseases, and various genetic conditions.
