Healthtech startup Redcliffe Labs is acquiring Pune-based Megavision Diagnostics Centre in a deal valued at approximately ₹40 Cr (around $4.14 Mn), a move that will add advanced imaging infrastructure to its largely pathology-focused network. The transaction is expected to close later this month, with Redcliffe retaining Megavision's entire workforce.
Founded in 1996, Megavision operates two diagnostic centres in Pune's Pimpri and Nigdi areas, offering MRI, CT scans, sonography, ECG, EEG and mammography services. The chain generates annual revenue of about ₹20 Cr and has built strong local credibility over nearly three decades.
Why Radiology, Why Now
Redcliffe has grown rapidly on the back of pathology and home sample collection, which accounts for roughly half its business. But radiology is a different beast: it demands heavy capital investment in imaging equipment, specialised technicians and regulatory clearances that take years to assemble. Rather than build from scratch, Redcliffe is buying its way in.
"Earlier, we were only offering pathology services. With this acquisition, we can now offer integrated diagnostics through two centres in Pimpri-Chinchwad that house MRI facilities," founder Aditya Kandoi told Inc42. "Having been built over the last three decades, these centres bring not just infrastructure but also strong market credibility."
A String of Deals in 2026
The Megavision acquisition is the latest in a busy year for Redcliffe's M&A team. In recent weeks, the Noida-headquartered startup also acquired Kota-based Prime Sonography and Diagnostic Center (₹5 Cr) and Ajmer-based Sarvodaya Diagnostics (₹10 Cr), both now operating under the Medicentre Sonography & Clinical Lab umbrella that Redcliffe picked up in 2023.
Earlier this year, Redcliffe divested its fertility services business, Crysta IVF, to Moon Care Pvt Ltd in a deal worth about ₹100 Cr, signalling a sharper focus on core diagnostics.
Cofounder Dheeraj Jain framed the strategy clearly: "Strategic acquisitions will be a key catalyst on this journey, strengthening our capabilities, expanding our geographic footprint, and accelerating our presence in radiology while reinforcing our leadership in pathology."
The Numbers Behind the Push
Redcliffe reported revenue of ₹470 Cr in FY26, up 12% from ₹418 Cr in FY25. Its EBITDA loss margin improved significantly, narrowing from -24% to -13% year on year. Kandoi noted the company has come a long way from FY23, when losses stood at around -80%. The startup is now targeting ₹700 Cr in revenue for FY27, implying nearly 50% year-on-year growth.
In FY26, Redcliffe served more than 4.3 million customers and conducted 24 million diagnostic tests. Around 64% of its customer base comes from Tier I and II cities, a demographic that is increasingly demanding access to imaging services without travelling to metro hospitals.
What This Means for India's Diagnostics Market
India's diagnostics sector remains highly fragmented, with an estimated 100,000 clinical labs operating nationwide, the vast majority lacking proper accreditation. Redcliffe's labs are NABL-accredited or in the process of obtaining accreditation, and the company employs its phlebotomists directly rather than relying on third-party collection partners. Every sample undergoes 50-60 quality checks, with IoT-enabled temperature sensors monitoring conditions during transit.
The push into radiology is significant because imaging services command higher margins than routine blood tests and create stickier patient relationships. For a company competing against established players like Dr Lal PathLabs, Thyrocare, Healthians and Apollo Diagnostics, owning imaging infrastructure in dense urban clusters like Pune's Pimpri-Chinchwad belt is a defensive moat as much as a growth lever.
What to Watch Next
Redcliffe has raised $115 Mn to date from investors including LeapFrog Investments, HealthQuad, LC Nueva Investment Partners, Alkemi Venture Partners and Chiratae Ventures. With FY27 revenue targets set aggressively and a stated appetite for more acquisitions, the startup's ability to integrate Megavision's operations without diluting quality will be the real test. Watch for whether Redcliffe can replicate this radiology rollup playbook in other Tier I and Tier II cities before competitors close the gap.