- Metropolis Healthcare Ltd diagnostics chain operating in India and Africa, is looking to raise over $300 million and grab a strategic partner by selling a minority stake, Bloomberg reports.
- Walmart Inc WMT-owned retailer Flipkart and healthcare chain Apollo Hospitals Enterprise Ltd were among potential strategic investors of Metropolis Healthcare Ltd.
- Amazon.com Inc AMZN has held preliminary discussions too.
- Agreements are also in place with global funds, including KKR & Co Inc KKR, TPG Inc TPG, and Barings BDC, Inc BBDC, while talks are ongoing with Blackstone Inc BX.
- A deal would likely include a sale of primary shares and secondary shares by existing investors, including the managing director, that could take the deal size over $300 million.
- Metropolis looks to start 1,800 collection centers in the next three years and boost its home collection service to 200 locations within two years.
- Amazon and Walmart are ramping up healthcare services to add to their retail offerings in India.
- Spending on preventive health care such as testing is rising in the country of 1.4 billion people, driven by chronic and lifestyle-related diseases and an aging population.
- Metropolis, traded in Mumbai with a market value of $1.1 billion, about half what it was at the start of the year.
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