Medgenome (IFC-45102)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bangalore
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 18, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MEDGENOME INC.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 16.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 31.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 22, 2023

Disclosed by Bank Apr 15, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, the proposed investment is an equity financing for Medgenome Inc. which is one of India's leading companies in genetic diagnostics, research and data. The proposed investmnent will be utilised to build capacities and capabilities in:1) developing diagnostics business unit (BU) operations such as: (i) geographic expansion to neighbouring countries around India (ii) screening and direct to consumer (DTC) test launch and (iv) small acquisitions and partnerships; and 2) developing Research and Data BU operations such as: (i) enriching SARGAM (South Asia Research Genotyping Array) Biobank; (ii) building informatics infrastructure; and (iii) enhancing disease specific deep data sets.

The company is a genomics and  clinical data driven diagnostics and research company with a focus on next generation sequencing (NGS). The company is headquartered in Foster City, California and established its Indian operations - MedGenome Laboratories Limited (MLL) - at Bengaluru in the year 2013.The Company has set-up small satellite labs in other locations such as Mumbai, Cochin, Hyderabad etc. The diagnostic samples collected from customers/patients through its network of 1600+ hospitals and 5500+ clinicians in India are received at its lab facilities through third party commercial logistic service providers. The Company offers 475+ genetic tests across several disease categories such as paediatrics, neurology, oncology, haematology, endocrinology, nephrology, ophthalmology, etc.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Company is in the process of raising US$31 million of preferred equity. IFC is proposing a preferred equity investment of up to US$16.5 million in MedGenome. IFC’s investment will support the expansion of Medgenome’s diagnostic business in India and other emerging markets and growth of its research business.

 


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Medgenome Inc.
Govind Ramakrishnan
MedGenome Corporate
080-67111211
govind.ramakrishnan@medgenome.com
3rd Floor, Narayana Netralaya building, Narayana Health City, #258/A, Bommasandra, Bangalore, 560099, India
Websitehttps://diagnostics.medgenome.com/https://research.medgenome.com/ ACCESS TO INFORMATION

 

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works