Medgenome (IFC-45102)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
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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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Investment Type(s)
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 Mar 9, 2022

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
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Medgenome Inc.
Govind Ramakrishnan
MedGenome Corporate
3rd Floor, Narayana Netralaya building, Narayana Health City, #258/A, Bommasandra, Bangalore, 560099, India


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How it works