Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Times of India
The Times of India
John Sarkar | TNN

Metropolis Healthcare in talks with Amazon, Flipkart & Apollo Hospitals to sell stake

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.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.