Metropolis Healthcare Explained

Metropolis Healthcare
Industry:Health and Medical Services
Type:Public
Traded As:
Isin:INE112L01020
Founded:1980
Founder:Dr. Sushil Kanubhai Shah
Location City:Mumbai, Maharashtra
Location Country:India
Services:Health care management
Revenue: (FY22)
Net Income: (FY22)[1]
Num Locations:124 clinical laboratories across 7 countries
Num Employees:4600+ (2021)[2]

Metropolis Healthcare, also known as Metropolis Labs, is an Indian multinational chain of diagnostic labs, with its central laboratory in Mumbai, Maharashtra. Metropolis Healthcare has a chain of 124 clinical laboratories[3] and 2400 collection centers across 7 countries including India.[4] The healthcare company was founded in 1980. The company went public in April 2019.[5]

History

Metropolis was founded by Dr. Sushil Kanubhai Shah in 1980.[6] The healthcare company was started as a single diagnostic laboratory in Mumbai. Shah's daughter, Ameera Shah, took over the pathology business in 2001. The company started out by partnering with local and regional diagnostic chains, thereby spreading its reach across the country. Metropolis Healthcare has expanded into new service areas, like Clinical Research, Hospital Lab Management and Wellness Solutions, in the past decade.[7] Metropolis Healthcare began its international expansion in 2005 with Sri Lanka being the first market. It further expanded to UAE in 2006, followed by Kenya in 2013[8] and Mauritius[9] [10] and Ghana[11] in 2014.

In February 2018, Metropolis partnered with National Aids Control Organisation (NACO) for a three-year project for diagnosis of HIV at 560 locations in India.[12] [13] As of 2018, the diagnostic chain consists of 124 clinical laboratories and 2400 blood collection centers[4] across India, Ghana, Kenya, Zambia, Uganda, Mauritius and Sri Lanka.

In October 2019, Metropolis Healthcare acquired four individual laboratories, Doctor's Clinical Laboratory, Iyer Pathology Laboratory, Nagar Pathology Laboratory and Yash Clinical Laboratory, a subsidiary of Dr Lal PathLabs in Surat, Gujarat, for INR 18 crore. The acquisition was done in order to expand the penetration of Metropolis's wholly owned subsidiary Desai Laboratories.[14] [15]

In October 2021, Metropolis completed the acquisition of South Indian diagnostic chain Hitech Diagnostic Centre and its subsidiary Centralab Healthcare Services for 636 crore.[16] [17]

Funding

ICICI Venture invested 35 crore in Metropolis in the year 2006 through its India Advantage Fund. In 2010, Warburg Pincus invested about $85 Million in Metropolis, paving a way for ICICI to exit.[18] The Shah family purchased the exiting stake from Warburg Pincus for a healthy return on investment.[19] The company is backed by several investors including Carlyle Group, CA Lotus Investments[20] and Kohlberg Kravis Roberts (KKR). In 2015, KKR backed Ameera Shah through promoter debt funding.[21]

In April 2019, the company raised Rs 530 crore from 26 anchor investors, including Small Cap World Fund, Neuberger Berman Emerging Market Equity Fund, Fundsmith Emerging Equities Trust PLC and First State Indian Sub Continent Fund, among others.[22]

Awards and recognition

Metropolis was awarded the Diagnostic Services Company of the Year by Frost & Sullivan in 2010.[23] In 2014, it was awarded India's Most Promising Brand by the World Consulting and Research Corporation, which was evaluated by Ernst & Young.[24] [25] In 2018 and 2017, MD of Metropolis, Ameera Shah was ranked 36th and 46th respectively, in "India's Most Powerful Women in Business" by Fortune India Magazine.[26] [27] in 2015, Shah was awarded as one of the Asia's Power Business Women by Forbes.[28]

Philanthropy

In April 2017, Metropolis launched a scholarship and mentorship program, called "Medengage", for undergraduate and postgraduate medical students across India.[29] In July 2017, Metropolis and the PCOS Society of India launched a Polycystic Ovarian Syndrome (PCOS) awareness campaign called "Conquer PCOS".[30] In August 2018, Metropolis initiated an "Umbrella Handshake" campaign to create awareness about health. The company donated towards this and other social welfare initiatives. Metropolis partnered with We Foundation and Red FM, to help in public outreach and campaign awareness.[31]

See also

Notes and References

  1. News: Metropolis Healthcare slips after Q4 PAT tumbles 35% YoY to Rs 40 cr . 13 January 2023 . Business Standard India . 25 May 2022.
  2. News: Raghunathan . Anuradha . Owler: Metropolis Lab . . 30 June 2021.
  3. News: Leo . Leroy . Diagnostic major Metropolis Healthcare Q2 net profit jumps 44% to ₹43 cr . . 12 November 2019.
  4. News: Batra . Ekta . Nair . Prashant . Metropolis Healthcare's business outlook very positive for FY20, says MD Ameera Shah . . 14 May 2019.
  5. News: Sultana . Nasrin . Metropolis Healthcare lists at 9% premium to issue price . . 15 April 2019.
  6. Web site: Company Overview of Metropolis Healthcare Limited. www.bloomberg.com. 2018-11-22.
  7. Web site: SmartCEO – Magazine – Cover Story – STARTUP SCHOOL WITH METROPOLIS HEALTHCARE.
  8. Web site: Metropolis' Chain of Diagnostics Labs Pushes for Growth Across India and Africa. Anu. Raghunathan. Forbes.
  9. News: Metropolis Healthcare expands its footprints in Mauritius. Business Standard India. 16 October 2014. Business Standard. Press Trust of India.
  10. Web site: Diagnostic chain Metropolis expands overseas with a unit in Mauritius, eyes M&As in Africa. 15 January 2014.
  11. Web site: Metropolis Healthcare in Full Swing The Times of Africa . www.thetimesofafrica.com . dead . https://web.archive.org/web/20150620185223/http://www.thetimesofafrica.com/content/metropolis-healthcare-full-swing . 2015-06-20.
  12. News: Metropolis Healthcare plans to add 800 centres, 10 labs by FY19-end. 2018-03-25. The Economic Times. 2018-11-23.
  13. News: NACO partners with Metropolis Healthcare for HIV Viral Load Testing. 2018-11-23. en.
  14. News: K. Tiwari . Ashish . Diagnostic firms Metropolis, Dr Lal PathLabs on M&A spree . . 3 October 2019.
  15. News: Leo . Leroy . Metropolis Healthcare buys 4 new labs in Surat . . 1 October 2019.
  16. News: Metropolis Health completes acquisition of Hitech . 13 January 2023 . Business Standard India . 23 October 2021.
  17. News: V . Narayanan . Hitech Diagnostic to add 40 centres in Tamil Nadu . 13 January 2023 . The Hindu Businessline . 12 April 2022 . en.
  18. News: Warburg Pincus invests $85 mln in Metropolis Healthcare. Reuters. Editorial. Reuters. 25 June 2010.
  19. News: Warburg Pincus sells 27% stake in Metropolis back to Shah family. Reghu. Balakrishnan. Business Standard India. 10 April 2015. Business Standard.
  20. News: D-Street beckons Metropolis Healthcare. 2018-11-23. en.
  21. News: The KKR way to smart returns. 2018-11-23. en.
  22. News: Shah . Amit . Metropolis Healthcare raises Rs 530 crore from anchor investors . . 2 April 2019.
  23. News: Past Award Recipients. Frost & Sullivan. 2018-11-23. en.
  24. News: Metropolis Healthcare Bags "India's most promising brand award". 2018-11-23. en-US.
  25. Web site: Metropolis Healthcare Bags "India's most promising brand award" – Silicon City News. www.siliconcitynews.com. en-US. 2018-11-23.
  26. Web site: Ameera Shah – Most Powerful Women in 2018 – Fortune India. www.fortuneindia.com. en. 2018-11-23.
  27. Web site: Ameera Shah – Most Powerful Women in 2017 – Fortune India. www.fortuneindia.com. en. 2018-11-23.
  28. News: Asia's Power Businesswomen, 2015: 12 To Watch. Scott. Mary E.. Forbes. 2018-11-23. en.
  29. News: Metropolis Healthcare announces medical talent outreach programme. 2018-11-23. en-US.
  30. News: Metropolis Healthcare & PCOS Society of India launch 'Conquer PCOS'. 2018-11-23. en.
  31. Web site: Metropolis Healthcare's new #Umbrella Handshake campaign aims to spread the message of 'Wellness' – ET BrandEquity. www.ETBrandEquity.com. ETBrandEquity.com. en. 2018-11-23.