Mumbai
: With support from Singapore's sovereign wealth fund GIC, Asia Healthcare Holdings (AHH) will acquire a majority stake in Dangs Dangs Labs, a diagnostic chain run by Delhi and Gurugram.
This marks the fourth acquisition of AHH, following a deal with the Maternal Hospital, the Asian Institute of Nephrology (AINU) and NOVA IVF.
Details of the financial terms of the transaction were not disclosed.
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AHH's earlier investment in Ainu in 2023, value ₹$6 billion, involving primary and secondary funds. AHH also saw massive capital inflows, including a $150 million investment invested by GIC in December 2024, making Sovereign Fund the company’s largest shareholder. GIC also invested $170 million in AHH in February 2022.
Prior to the additional investment in GIC, AHH was owned by global private equity firm TPG, which now owns a minority stake in the platform. GIC investments may be estimated at $80-900 million. Mint Earlier reported.
With plans to finally open, AHH is preparing for an initial public offering (IPO), although no timeline is provided. Profitability is not a concern, according to AHH executive chairman Vishal Bali, as the company moves towards its listing, which will take place in the next few years.
Dr. Dangs Labs runs 7 centres in Delhi and Gurugram and reports ₹According to Tracxn, the fiscal year ended March 31, 2024 was 677 million.
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Bali reportedly said AHH increased by 25% year-on-year, aiming to reach almost ₹Revenue in fiscal 32 was 60 million.
AHH declined to comment on the acquisition, and Dr. Dangs Labs did not respond to an email request at the time of release.
India's healthcare and diagnostic sector has seen huge growth in private equity investments, mergers and acquisitions (M&A). According to a report by Grant Thornton Bharat and the Association of Health Care Providers India (AHPI), the health care and pharmaceutical sector in India has recorded 594 transactions worth over $30 billion, between 2022 and 2024. Foreign Direct Investment (FDI) totaled US$3.2 billion during the same period.
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There have been significant transactions in the diagnostic space in recent months. Neuberg Diagnosis Proposed ₹In January 2025, the $9.4 billion from Kotak Alt marked the largest major fund in India's diagnostics and the company's first private equity.
Meanwhile, in 2024, Temasek Holdings and Oswal alternately invested about $85 million in Molbio Diagnostics, Fortis Healthcare increased its stake in Agilus Diagnostics from 57% to 91% by acquiring 34% of shares from private equity firms Jacob Ballas and IFC.
