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Healthtech startup Redcliffe Labs is set to acquire Pune-based diagnostics chain Megavision Diagnostics Centre in a deal worth about ₹40 Cr (about $4.14 Mn), marking its latest inorganic expansion as it looks to strengthen its radiology and imaging business. 

Speaking to Inc42, Redcliffe Labs founder Aditya Kandoi said the acquisition will enable the startup to expand beyond pathology into integrated diagnostics by adding services such as MRI, CT scans, ECG, EEG and mammography to its portfolio. 

Founded in 1996, Megavision operates two diagnostic centres in Pune’s Pimpri and Nigdi areas, offering services including MRI, CT scans, sonography, ECG and mammography. According to Redcliffe, the diagnostics network generates annual revenue of about ₹20 Cr. 

The transaction is expected to close later this month. As part of the acquisition, Redcliffe will retain Megavision’s entire workforce. 

“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. Having been built over the last three decades, these centres bring not just infrastructure but also strong market credibility,” Kandoi said. 

While Redcliffe has built its business around pathology and home diagnostics, radiology remains a capital-intensive segment that requires significant infrastructure investments. Through acquisitions, the startup aims to quickly build imaging capabilities while leveraging its existing diagnostics network instead of setting up centres from scratch. 

Founded in 2018 by Kandoi and Dheeraj Jain, Redcliffe Labs operates an omnichannel diagnostics platform offering more than 3,600 pathology tests, along with genetic and DNA-based screening services across reproductive health, cancer, and wellness. 

The Megavision acquisition comes within weeks of Redcliffe acquiring Kota-based Prime Sonography and Diagnostic Center and Ajmer-based Sarvodaya Diagnostics in deals worth about ₹5 Cr and ₹10 Cr, respectively. Both acquisitions were aimed at expanding the startup’s radiology footprint in Rajasthan and now operate under Medicentre Sonography & Clinical Lab, which Redcliffe acquired in 2023. 

“As we look ahead, our ambition is to build an integrated diagnostics ecosystem that delivers even greater value to patients. 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,” said cofounder Jain.

Earlier this year, Redcliffe also divested its fertility services business, Crysta IVF, to Moon Care Pvt Ltd in a deal valued at about ₹100 Cr. 

On the financial front, Redcliffe said it recorded revenue of ₹470 Cr in the financial year ended March 2026, up 12% from ₹418 Cr in FY25. The startup said its EBITDA loss margin narrowed by 11 percentage points to -13% in FY26 from -24% in the previous fiscal. 

“We’ve considerably cut down our losses. In FY23 we were at around -80%. So we’ve grown substantially from there. Our CAGR over the last few years has been around 40%, while the industry and peers have grown at 10-11%,” Kandoi said. 

For FY27, the diagnostics startup is targeting revenue of about ₹700 Cr, implying nearly 50% YoY growth, driven by both organic expansion and acquisitions.

The startup also claimed to have served more than 4.3 Mn customers in FY26 while conducting 24 Mn diagnostic tests. Around 64% of its customer base came from Tier I and II cities.

Redcliffe currently operates in 70-80 cities across India, with home sample collection accounting for nearly half of its overall business. The remaining revenue comes from preventive and wellness-focused diagnostics.

The startup also provides AI-enabled diagnostic reports through its mobile application, along with consultations and diet plans for patients. Unlike many diagnostics companies that rely on third-party collection partners, Redcliffe said its phlebotomists are employed directly by the startup.

Kandoi added that every diagnostic sample undergoes 50-60 quality checks, beginning at the collection stage. The startup also uses IoT-enabled temperature sensors in its collection boxes to monitor sample conditions in real time during transit.

Redcliffe competes with players such as Healthians, Thyrocare, Dr Lal PathLabs, SRL Diagnostics and Apollo Diagnostics. It has raised$115 Mn to date from investors like LeapFrog Investments, HealthQuad, LC Nueva Investment Partners, Alkemi Venture Partners, and Chiratae Ventures.

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