In two years, the chain will expand its footprint from five in Bengaluru now to 15 by 2025, adding about 1500 skilled jobs to its current headcount of about 150 doctors and 800 technicians, Tenet chairman D Suresh told a media conference in Bengaluru.
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The investment will pit it the chain in competition with the likes of Vijaya Diagnostics, Medall Diagnostics, Anand Diagnostics, Dr Lal Pathlabs and Metropolis as Polaris Market Research projects the diagnostic services market to grow to $ 43.57 billion in India in nine years, growing at a CAGR of 11.6%.
The proposed investment will boost access to the latest technology and infrastructure in diagnostics, laboratory services and preventive healthcare in Karnataka, company’s executive director Devineni Sricharan said. It will add one centre each at Mysuru and Mangaluru in the next two months, he added.
The chain, Suresh said, began in 2018 to introduce cutting-edge technology to the sector in radiology and lab services. His team founded the company with the ambition of making the chain a one stop shop in the South for main reference so that dependency on Mumbai and the North is avoided, he said, adding that they have a menu of about 3000 blood tests.“We have also collaborated with the Ohio State University and signed ground-breaking master research agreements with industry leaders such as Siemens and United Imaging. The outcome of adoption of the latest technology has reduced the scanning time for patients by 50% while also keeping the price competitive,” the executive director said, adding that the company will touch Rs 150 crore in revenue this fiscal year with Karnataka driving the growth.Tenet chain is a bootstrapped one, and the expansion is funded by internal accruals. They will, however, go for a fund raise in about 18 months, Sricharan said.The company, the management said, has tied up mostly with companies in the auto and pharma sectors including Toyota, Volvo, LIC, SBI, Dr Reddy’s and Coca Cola for preventive health check-ups of their employees.
