Our Client: Evriksh Healthcare Private Limited (“Medlabz“)
Deal Summary: Medlife International Private Limited has acquired ‘Medlabz’, a Mumbai-based digital healthcare platform and ‘diagnostics at home’ service provider. By way of this acquisition, Medlife seeks to foray deeper into the diagnostics segment and thereunder, strengthen its business of wholesale and retail sale of pharmaceutical products, tele-consultation, healthcare and allied services. Post-acquisition, the founders of Medlabz will be joining the core team of Medlife at Bengaluru and will be leading the Diagnostics Vertical for Medlife.
MedLabz was founded in 2015 by a group of IIT Bombay and IIT Delhi graduates, Mr. Harshal Jain, Mr. Kumar Akarsh, Mr. Piyush Singh, Mr. Srikanth Kumar Manne, Mr. Nimish Mehta, and Mr. Siddharth Bidwan. MedLabz specializes in providing diagnostic tests from testing centres including diagnostic labs, pathological laboratories, X-ray clinics and providing electronic health record and specimen collective services. Further, through its predictive AI-based engine, MedLabz provides high-quality health insights to patients and corporates using gathered clinical data from diagnostics, doctor and diet consultations. MedLabz claims to have served more than 2,00,000 patients since its inception and operates in 120 cities across India.
The deal was announced by the companies on 31 January, 2019.
Our Role: The team at Agama Law Associates, led by Founding Partner Archana Balasubramanian, acted as legal counsel for MedLabz and its Promoters. The team provided strategic advice to the client on various legal and structural aspects for the transaction and extended end-to-end support in negotiating and finalizing the entire deal documentation.