Core Diagnostics to raise USD 10 mn in Series B funding

Diagnostic services provider Core Diagnostics is planning to raise USD 10 million (about Rs 66 crore) in series B funding by the end of next month to expand its business in the country and overseas.
"We plan to raise around USD 10 million in our next round of funding that will be completed by end of next month. It will be a series B funding," Core Diagnostics Managing Director and Founder Zoya Brar told PTI.
The funds will be used for the company's expansion plans both within the country and abroad, she added.
"In India we will be opening one lab in South and will also expand our reach to 100 cities by end of next year from the present 59 in which we collect samples for testing," Brar said.

The company will be entering are Coimbatore, Kota, Mathura, Vadodara, Sitara, Shimla, Darbhanga and Coonoor, among others, she added.
Core Diagnostics is already present in major cities such as Delhi, Mumbai, Hyderabad, Kolkata and Kochi.

When asked about the overseas countries the company is looking to expand, Brar said: "Overseas we are planning to foray in South Africa, Oman, Afghanistan and Uzbekistan."
The company already has presence in Sri Lanka, Bangladesh, Nepal and Dubai apart from the US, she added.
"We are focused on bringing the most advanced testing techniques and expertise to India, and our goal is to be the destination for all high-end diagnostic testing," Brar said.

The company has already had two earlier rounds of funding, raising a total of Rs 50 crore from Silicon Valley-based Artiman Ventures.