Primex Group to raise $5 mn to expand biz

Primex Group, which recently roped in Agnivesh Agarwal , member of the founding family of the Vedanta Group, as an investor, is now scouting for private equity or venture capital funding to expand its scans and labs business.

The group has already initiated the process and is currently in talks with four potential investors, according to a senior official from the group.

It may be noted that Agnivesh Agarwal, son of Anil Agarwal who founded the Vedanta Group, has picked up a 60 per cent stake in Primex Healthcare earlier this week. This will be his first investment in the growing healthcare industry in India. The investment was made in his personal capacity.

Anand Mahadevan, founder and chief executive officer of Primex Group said, “We are in talks with private equity and venture capital companies to raise around $5 million (approximately Rs 26 crore) to expand our scans and labs business.” He, however, declined to spell out the names of the potential investors.

The group currently has two verticals. While Primex Healthcare operates its own healthcare centres in Chennai, Primex Scans & Labs operates scans and labs.

“We are planning to double the number of labs and scans to over 100 in the next 12 to 24 months, with focus on the southern markets,” Mahadevan said. “Having Agarwal on board will help us in attracting investors.”

At present, Primex operates five centres in Chennai, while Primex Scans & Labs has 50 plus centres across the state, which can be utilised by Primex Healthcare. Primex Group's operations have largely been driven by an asset-light partner-driven model. The group reported revenues of around Rs 4.5 crore last year.