NEW DELHI: Metropolis Healthcare, a medical diagnostics chain with operations in India, Africa and the Middle East has held initial discussions with several companies including Flipkart, Amazon and Chennai-headquartered Apollo Hospitals to sell a significant minority stake.
The Mumbai-headquartered company led by Ameera Shah, promoter and MD at Metropolis Healthcare is looking to raise funds at a valuation of around $1 billion, said people briefed on the matter.
While Amazon and Apollo Hospitals did not comment on the story, a Flipkart Group spokesperson said that the company is not making “any such investment”.
Founded in 1980, Metropolis Healthcare competes with traditional chains such as Lal PathLabs and Thyrocare, in which Pharmeasy picked up a 66% stake last year for $612 million.
The emergence of tech-enabled players such as Pharmeasy and Tata’s 1MG has, however, disrupted the diagnostics space, which may have led to Metropolis’s share prices dropping by nearly half since the beginning of the year.
While a Metropolis Healthcare spokesperson refused to comment on the story, Shah in February had said that the company plans to open 90 labs and 1,800 centres in three years. In 2021, Metropolis acquired Chennai-based Hitech Diagnostic Centre for around $80 million.