Metropolis Labs is a chain of diagnostic companies, with its central laboratory in Mumbai, Maharashtra. Metropolis Healthcare has a chain of 124 clinical laboratories and 2400 collection centers across 7 countries including India. The healthcare company was founded in 1980, as a single laboratory with a revenue of about US$1.5 million and 4500 employees. The company went public in April 2019.
History
Metropolis was founded by Dr. Sushil Kanubhai Shah in 1980. 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, and 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. Metropolis Healthcare set about in its international expansion in the year 2005 with Sri Lanka being the first market. It further expanded to UAE in 2006, followed by Kenya in 2013 and Mauritius and Ghana in 2014. In February 2018, Metropolis partnered with National Aids Control Organisation for a three-year project for diagnosis of HIV at 560 locations in India. As of 2018, the diagnostic chain consists of 124 clinical laboratories and 2400 blood collection centers 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.
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. The Shah family purchased the exiting stake from Warburg Pincus for a healthy return on investment. The company is backed by several investors including Carlyle Group, CA Lotus Investments, and Kohlberg Kravis Roberts. In 2015, KKR backed Ameera Shah through promoter debt funding. In April 2019, the company raises 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.
Financials
FY 2019, The Metropolis Healthcare revenue grew by 18.1 percent to reach INR 760 Crore.It registered 15.6% growth in its revenue for the July to September quarter at INR 223 crore compared to INR 193 crore in the corresponding quarter of fiscal 2018.
Awards and recognition
Metropolis was awarded the Diagnostic Services Company of the Year by Frost & Sullivan in 2010. In 2014, it was awarded India's Most Promising Brand by the World Consulting and Research Corporation, which was evaluated by Ernst & Young. 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. in 2015, Shah was awarded as one of the Asia's Power Business Women by Forbes.
Philanthropy
In April 2017, Metropolis launched a scholarship and mentorship program, called "Medengage", for undergraduate and postgraduate medical students across India. In July 2017, Metropolis and the PCOS Society of India launched a Polycystic Ovarian Syndrome awareness campaign called "Conquer PCOS". In August 2018, Metropolis initiated a "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.
