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Asia Healthcare Holdings (AHH), backed by Singapore’s sovereign wealth fund GIC, is set to acquire a majority stake in Dr Dangs Labs, a diagnostic chain operating in Delhi and Gurugram, according to two people aware of the development.
This marks the fourth acquisition by AHH, following previous deals with Motherhood Hospitals, the Asian Institute of Nephrology and Urology (AINU), and Nova IVF.
Details of the financial terms of the deal were not disclosed.
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AHH’s earlier investment in AINU in 2023, valued at ₹600 crore, involved both primary and secondary funding. AHH has also seen significant capital inflows, including a $150 million investment from GIC in December 2024, which made the sovereign fund the largest shareholder in the company. GIC had also invested $170 million in AHH in February 2022.
Before GIC’s additional investment, AHH was majority-owned by global private equity firm TPG, which now holds a minority stake in the platform. The GIC investment likely valued AHH at $800-900 million, Mint reported earlier.
With plans to eventually go public, AHH is gearing up for an initial public offering (IPO), although no timeline has been provided. According to Vishal Bali, executive chairman of AHH, profitability is not a concern as the company moves towards its listing, which is expected within the next few years.
Dr Dangs Labs operates seven centres across Delhi and Gurugram and reported a revenue of ₹67.7 crore for the financial year ended 31 March 2024, according to Tracxn.
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Bali has reportedly said that AHH is growing at 25% year-on-year and aims to reach nearly ₹6,000 crore in revenue by FY32.
AHH declined to comment on the acquisition, and Dr Dangs Labs did not respond to an email request for information at the time of publication.
India’s healthcare and diagnostics sector has seen a sharp uptick in private equity investments and mergers and acquisitions (M&A) in recent years. According to a report by Grant Thornton Bharat and the Association of Healthcare Providers of India (AHPI), India’s healthcare and pharma sector recorded 594 transactions valued at over $30 billion between 2022 and 2024. Foreign direct investment (FDI) in the sector also rose, totalling $3.2 billion during the same period.
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In recent months, there have been notable deals within the diagnostics space. Neuberg Diagnostics raised ₹9,400 million from Kotak Alt in January 2025, marking the largest primary fund-raise in Indian diagnostics and the company’s first private equity round.
Meanwhile, Temasek Holdings and Oswal Alternates jointly invested approximately $85 million in Molbio Diagnostics in 2024, and Fortis Healthcare increased its stake in Agilus Diagnostics from 57% to 91% by acquiring a 34% stake from private equity firms Jacob Ballas and IFC.
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