By Dr. Soniya Attarde
Neuberg Diagnostics has acquired a majority stake in Mumbai-based NM Medical, marking another significant step in its acquisition-led expansion ahead of a planned IPO. By bringing an established western India diagnostics network into its portfolio, Neuberg strengthens its market presence, expands access to specialised diagnostic services, and reinforces its long-term strategy of building scale through regional acquisitions.
Formerly known as Rahu Health and Medical Tourism Pvt. Ltd., NM Medical operates 18 diagnostic centres across western and southern India. Its network includes 12 centres in Mumbai and two each in Pune and Bengaluru, offering radiology, pathology, cardiology, preventive health check-ups, and other diagnostic services. The company has established a footprint in Mumbai’s diagnostic services market, serving both individual patients and institutional healthcare providers.
Merging NM Medical’s operations is likely to enhance Neuberg’s capabilities in advanced imaging and proactive diagnostics while providing access to an established referral network and patient base.
The announcement follows Neuberg’s ₹940 crore fundraise from Kotak Strategic Situations India Fund II earlier this year. The company had said the capital would be deployed primarily toward acquisitions of established diagnostic businesses across key markets, supporting its long-term expansion strategy.
Founded in 2017 by healthcare entrepreneur GSK Velu, Neuberg Diagnostics today operates more than 250 laboratories across over 250 cities. Its portfolio includes pathology, molecular screening, genetic testing, newborn screening, reproductive genomics, and early-intervention healthcare services
The deal comes as consolidation continues across India’s diagnostics industry, with larger diagnostic chains increasingly acquiring regional players to expand market access and enhance their diagnostic competencies.
India’s diagnostics sector has attracted growing investor interest in recent years, supported by rising awareness of risk-based healthcare, increasing incidence of lifestyle diseases, expanding health insurance coverage, and higher consumer spending on wellness. These trends have encouraged diagnostic operators to invest in digital reporting platforms, molecular testing expertise, artificial intelligence-assisted medical testing, and larger laboratory networks.
(Image provided by Dr. Soniya Attarde)
Dr. Soniya Attarde (PT) is a Gold Medalist in Physiotherapy and an incoming MBA candidate. Drawing on her strong clinical background, she is passionate about integrating patient care with healthcare management to enhance health systems and improve patient outcomes.