Reliance Industries has acquired Karkinos Healthcare, a technology-driven platform specialising in oncology for ₹375 crore.
Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries, completed the acquisition of Karkinos Healthcare with allotment of equity shares and optionally fully convertible debentures.
Karkinos, established in July 2020, is focused on providing innovative, technology-based solutions for the early detection, diagnosis, and treatment of cancer. With a turnover of approximately ₹22 crore in the 2022-23 fiscal year, the company has rapidly expanded its services.
The company has partnered with around 60 hospitals till December 2023. It is through a subsidiary setting up a 150-bed multispecialty cancer hospital at Imphal, Manipur.
Going forward, its source of income was said to be via Advanced Cancer Care Diagnostics and Research (ACCDR), Distributed Cancer Care Network (DCCN), tie-ups with corporates for early diagnosis of cancer, and cancer care hospitals.
Prominent previous investors in Karkinos include Ewart Investments Limited (a subsidiary of Tata Sons), Reliance Digital Health (a subsidiary of Reliance Industries), Mayo Clinic (US), Sundar Raman (Director at Reliance Foundation Youth Sports and former COO of Indian Premier League since 2008), and Ravi Kant (ex-MD of Tata Motors).
“Reliance Strategic Business Ventures Ltd has on December 27, 2024, subscribed to and has been allotted 1 crore equity shares of ₹10 each, for cash, aggregating ₹10 crore and 36.5 crore optionally fully convertible debentures of ₹10 each, for cash, aggregating ₹365 crores of Karkinos,” according to the filing.
