MedGenome runs labs in three Indian cities, sells genetic tests through more than 24,000 clinicians and 8,000 hospitals, and says it operates in over 45 countries — yet 80–85% of the samples that actually reach its labs still originate inside India, according to India chief executive Vedam Ramprasad (Whalesbook, 2026). That gap between a global-sounding footprint and an overwhelmingly domestic revenue base is the quiet contradiction sitting underneath one of India’s best-known genomics names.
In its most recent full year, the Bengaluru-headquartered company posted consolidated revenue of ₹407 crore (~$42.4 million at $1 ≈ ₹96.0), up 36.0% year-on-year (FY25, Inc42, citing MCA filings). It has also raised, depending on which database is used, somewhere between $233 million and $264 million in venture capital over a decade, and it took until FY25 — twelve years after incorporation — to show the kind of profit growth that makes those numbers add up. This piece works through the funding, the financials, the founders’ bet on genomics as “the source code for life,” and the acquisition-led plan to more than double revenue by the end of the decade.
Quick facts
| Company | MedGenome (MedGenome Labs Limited / MedGenome Inc.) |
| Founded | Genomics business incubated 2010 within SciGenom Labs; MedGenome Labs Limited incorporated 8 April 2013, Bengaluru (Tofler/MCA) |
| Founder(s) | Sam Santhosh (Founder & Chairman) and Mahesh Pratapneni (Co-founder & CEO) |
| Businesses | Clinical genomic diagnostics, genomics/multiomics research services for pharma and academia, genomic database licensing, and (since May 2026) diagnostic imaging via an acquired centre |
| Latest FY revenue | ₹407.0 crore consolidated, up 36.0% YoY (FY25, year ended March 2025; Inc42/MCA filings) |
| Latest FY profit/loss | Profit after tax ₹46.8 crore consolidated; ₹57.7 crore standalone, up 174% YoY (FY25; Inc42, citing MCA filings) |
| Listed | Private (unlisted public limited company); no confirmed IPO plans as of September 2026 |
| Market value / last valuation | Last disclosed valuation ~$105 million (August 2017/March 2018, Tracxn); undisclosed for the 2022 and 2025 rounds |
| Key shareholders / CEO | Sofina, Novo Holdings, Peak XV Partners, LeapFrog Investments and Maj Invest among investors; Mahesh Pratapneni is Co-founder and CEO, Vedam Ramprasad is CEO of India operations |
What they do
MedGenome operates CAP- and NABL-accredited genetic testing laboratories in Bengaluru, Mumbai and Delhi, offering more than 1,300 genetic and genomic tests across oncology, reproductive health, rare inherited disorders, cardiology and neurology to hospitals, clinicians and, increasingly, patients directly (company website, diagnostics.medgenome.com, 2026). Alongside clinical testing it runs a research-services business that performs next-generation sequencing and multiomics work for global pharmaceutical companies and academic institutions, and it licenses a proprietary database of Indian genetic variants to partners building drug-discovery platforms (BioVoiceNews, October 2024). In May 2026 it extended into conventional diagnostic imaging by taking a majority stake in a Mumbai-area imaging centre, positioning the company as an “integrated diagnostics” provider rather than a pure genomics lab (BioSpectrum India / OC Academy, May 2026).
The origin
Sam Santhosh spent his first two decades in enterprise software, founding California Software Limited (Calsoft) in 1992 and running it as chief executive until 2012, building it from a niche Silicon Valley player into a company with more than 1,200 employees across eight countries (EY India / FounderWorld profile). When the first human genome was sequenced in 2003, he has said he saw it as the software equivalent of “receiving the source code for life” — a line he has repeated in his own writing and in founder interviews. He spent the following years studying biology on the side before founding SciGenom Labs in Kochi in 2009 as an umbrella research entity, incubating what would become MedGenome from 2010 (Sam Santhosh’s own account, samsanthosh.com / FounderWorld, 2017). MedGenome Labs Limited was formally incorporated in Bengaluru on 8 April 2013, with Mahesh Pratapneni joining as co-founder (Tofler/MCA filing). The founding insight was straightforward: India carried a huge burden of genetic and rare disease, but had almost no domestic capacity for advanced genetic sequencing, so samples were routinely couriered abroad, adding weeks to diagnosis and pricing out most patients (BioVoiceNews, October 2024).
The struggle years
The first years were a slow, expensive build rather than a quick win. India had almost no trained genetic-testing workforce in 2013, so MedGenome had to bring in senior scientists from overseas research institutions to train local staff from scratch, while working with a small base of prescribing clinicians who had no prior experience ordering genomic tests and no easy way to trust the results (BioVoiceNews, October 2024). The company needed two fundraises in eight months to keep growing: a $30 million Series C in August 2017 followed by a further $10 million Series C top-up in March 2018, led by HDFC Mutual Fund, at a reported valuation of roughly $105 million (Inc42 funding data; Tracxn valuation data). Profitability took even longer to arrive than the fundraising suggests. As late as August 2022 — nine years after incorporation and after cumulative funding of about $185.5 million — co-founder Mahesh Pratapneni told EY India that MedGenome was targeting EBITDA breakeven only for FY23, an acknowledgement that a decade-old, well-funded genomics leader was still not consistently profitable at the operating level (EY India Entrepreneur of the Year profile, 2022).
The turning point
The clearest inflection point in the public record is the $50 million round led by Novo Holdings in August 2022, which came with LeapFrog Investments and Sofina also participating (Entrackr, August 2022). Before that round, MedGenome was still primarily a South Asia story: cumulative funding stood at roughly $185.5 million, India operations had generated standalone revenue of about ₹164 crore in FY21 (up 51% year-on-year) with a modest profit after tax of ₹10.5 crore, and Sam Santhosh was telling reporters the company expected total revenue to reach only ₹280–300 crore in FY22 (Entrackr, August 2022, citing company filings and founder statements). The round was earmarked explicitly to push the business beyond South Asia into Africa and the Middle East and to scale its bioinformatics and SaaS offerings (Inc42, August 2022). Three years on, consolidated revenue has reached ₹407 crore in FY25, up 36.0% year-on-year, and the company raised a further $47.5 million Series E in July 2025 — co-led by new investor Maj Invest alongside Novo Holdings, with Sofina again participating — specifically to widen access to its genomics and integrated-diagnostics offerings across India and other emerging markets (Novo Holdings press release, July 2025; Outlook Business, July 2025).
The money behind it
MedGenome’s cap table has been built almost entirely from institutional venture and growth capital, with no single round disclosed as a “unicorn” valuation event. The disclosed round history, per Inc42’s funding tracker, runs as follows:
- Series A — June 2014 — $4.0 million, led by Papillon Capital and others
- Series B — July 2015 — $20.0 million, led by Peak XV Partners (then Sequoia Capital India)
- Series C — August 2017 — $30.0 million, led by Peak XV Partners and others
- Series C extension — March 2018 — $10.0 million, led by HDFC Mutual Fund and others; reported valuation ~$105 million (Tracxn)
- Series D — March 2020 — $55.0 million, led by Sequoia Capital and others
- Undisclosed round — July 2021 — $16.5 million, from the International Finance Corporation
- Undisclosed round — August 2022 — $50.0 million, led by Novo Holdings, with LeapFrog Investments and Sofina
- Series E — July 2025 — $47.5 million, co-led by Maj Invest and Novo Holdings, with Sofina participating
Summed, those eight disclosed rounds total roughly $233 million (Inc42). Tracxn’s broader count, which includes smaller or unnamed tranches across 10 rounds and 32 investors, puts total funding at $264 million — the two trackers disagree by about $31 million, so both figures are given here rather than one invented number. Three backers stand out for what they changed:
- Peak XV Partners (formerly Sequoia Capital India) — the earliest large institutional investor, leading the 2015 Series B and continuing through the 2017 Series C and 2020 Series D, giving MedGenome sustained late-stage venture backing through its highest-growth years (Inc42 funding data).
- Novo Holdings — the Danish life-sciences investor that led the August 2022 round earmarked for expansion into Africa and the Middle East, and returned to co-lead the July 2025 Series E, making it the most consistent backer of the company’s post-2022 international push (Entrackr 2022; Novo Holdings 2025).
- Sofina — the Belgian long-horizon investor that has participated in successive rounds since at least 2022 through 2025, providing continuity capital across ownership changes (Entrackr 2022; Outlook Business 2025).
The company’s only publicly disclosed valuation milestone is roughly $105 million around the March 2018 Series C extension (Tracxn); valuations for the 2020, 2022 and 2025 rounds were not disclosed in any source reviewed this session, so none is stated here.
How it makes money
Revenue comes from three distinct lines, each with a different economic logic:
- Clinical diagnostics — fee-for-test revenue earned when a hospital, clinician or patient orders one of MedGenome’s 1,300-plus genetic tests, processed at its Bengaluru, Mumbai and Delhi labs (company website, 2026); this is the largest and most visible line, and the one driving the shift toward 30% targeted annual growth (Whalesbook, 2026).
- Research services — project-based sequencing, genotyping and multiomics work sold directly to global pharmaceutical companies and academic institutions, a B2B services line distinct from patient-facing diagnostics (company website, research.medgenome.com, 2026).
- Database and platform licensing — MedGenome licenses its proprietary genetic variant database, built from sequencing work across South Asian populations and said to cover 30 to 40 million unique Indian variants, to partners developing drug-discovery platforms (BioVoiceNews, October 2024).
On costs, standalone total expenses fell to ₹276.3 crore in FY25 even as standalone revenue rose to ₹332.0 crore, lifting the standalone net profit margin to 17.4% and standalone profit after tax by 174% year-on-year to ₹57.7 crore (Inc42, citing MCA filings, FY25). The part outsiders tend to get wrong is treating MedGenome as a single genomics product: the company itself does not publish a percentage split between its diagnostics, research-services and licensing revenue in any filing found this session, so that internal mix is stated here as unknown rather than estimated, and it has now added a fourth, non-genomic line — diagnostic imaging — through the 2026 Siddhi Diagnostics acquisition.
The numbers
Public revenue and profit figures are patchy in the years between FY21 and FY24 — no standalone or consolidated filing for FY22 or FY23 was located this session, so that gap is left open rather than filled with an estimate. The figures that are documented and sourced:
| Fiscal year | Revenue (₹ crore) | Profit after tax (₹ crore) | Basis / source |
| FY21 | 164.0 (India operations) | 10.5 | Standalone, up 51% YoY (Entrackr, August 2022, citing filings) |
| FY24 | 299.3 | Not disclosed in sources reviewed | Standalone (Inc42, citing MCA filings) |
| FY25 | 332.0 | 57.7 | Standalone, revenue up 26.8% YoY, PAT up 174% YoY (Inc42, citing MCA filings) |
| FY25 | 407.0 | 46.8 | Consolidated, revenue up 36.0% YoY (Inc42, citing MCA filings) |
Two things stand out in this run of numbers: standalone profitability improved far faster than standalone revenue in FY25 — profit grew six times faster than the top line — and the consolidated entity, which folds in overseas operations, carries a lower profit after tax than the standalone Indian business despite higher revenue, implying the non-Indian parts of the group were loss-making or thin-margin in FY25 (figures per Inc42, citing MCA filings).
Where the money comes from
- Roughly 80–85% of the samples processed across MedGenome’s network originate within India, even though the company maintains a presence in more than 45 countries (CEO Vedam Ramprasad, quoted in Whalesbook, 2026).
- Three flagship laboratories anchor domestic capacity: Bengaluru, Mumbai and Delhi (Whalesbook, 2026), currently processing between 40,000 and 50,000 tests a month against a stated ambition of one million tests annually (Whalesbook, 2026).
- International revenue is concentrated in the research-services line — pharmaceutical and academic clients, chiefly in the United States and other developed markets, buying sequencing and multiomics services rather than clinical testing (company website, research.medgenome.com, 2026).
- The May 2026 majority investment in Siddhi Diagnostics & Research Centre added a five-site imaging network across Mumbai’s western suburbs — Nalasopara, Vasai, Virar and Thane — extending the group beyond genomics into conventional radiology and pathology (BioSpectrum India; OC Academy, May 2026).
The surprise is less about geography than about mix: management has said only 20–25 percentage points of its targeted 30% annual growth will come from organic testing volumes, with the remaining 10–15 percentage points expected from acquisitions such as SDRC (Whalesbook, 2026). A company that built its identity on being India’s genomics pioneer is, on its own numbers, increasingly planning to grow by buying conventional diagnostic centres rather than by selling more genomic tests.
The risks
- Regulatory exposure on genetic data. India’s Digital Personal Data Protection Act does not carve out a separate “sensitive data” category, but legal analysis published in January 2026 concludes regulators are likely to treat genetic data as high-risk personal data, with penalties of up to ₹250 crore per contravention for mishandling (SCC Online, January 2026). For a company whose core product is genetic information on hundreds of thousands of patients, that is a direct and quantified compliance exposure rather than a generic industry risk.
- Domestic revenue concentration despite a global label. With 80–85% of sample volume still coming from India even after building a presence in more than 45 countries (Whalesbook, 2026), any slowdown in Indian hospital or clinician ordering, or intensified local price competition, would hit the group disproportionately, since the international footprint has not yet converted into a comparably sized clinical revenue base.
- Execution risk in an acquisition-led growth plan. Management’s own stated growth math — 20–25 percentage points organic against 10–15 percentage points from acquisitions like SDRC (Whalesbook, 2026) — depends on integrating externally built diagnostic and imaging businesses without diluting the centralised lab margins that have only recently turned strongly positive (standalone PAT up 174% YoY in FY25, Inc42). The same reporting on the growth plan flags this directly: sustaining margins while integrating acquired businesses is the harder half of the target.
The takeaway
MedGenome’s arc is a reminder that scientific difficulty and commercial difficulty are not the same problem, and solving the first does not automatically solve the second. Building South Asia’s largest accredited next-generation sequencing lab, importing scientists to train a workforce that did not exist, and getting India’s first non-invasive prenatal test validated locally — all of that was the hard science. But converting that into a durable, profitable business took over a decade of capital, and even after $185 million-plus in funding, the company was still targeting basic operating breakeven as late as 2022. The lesson transfers well beyond genomics: in a market where the buyer (a clinician) is not the payer (a patient or hospital) and trust has to be built one referral at a time, distribution can be a longer and more expensive problem to solve than the underlying technology.
Frequently asked questions
What does MedGenome do?
MedGenome runs accredited genetic diagnostic laboratories in India offering more than 1,300 tests across oncology, reproductive health, rare disease and cardiology, alongside a research-services business that sells sequencing work to pharmaceutical and academic clients, and a licensing business built around its genetic variant database (company website, 2026; BioVoiceNews, October 2024).
Who founded MedGenome, and when?
Sam Santhosh and Mahesh Pratapneni. The genomics business was incubated from 2010 within Santhosh’s SciGenom Labs, and MedGenome Labs Limited was formally incorporated in Bengaluru on 8 April 2013 (Tofler/MCA filing; FounderWorld/samsanthosh.com, 2017).
How much funding has MedGenome raised?
Disclosed rounds tracked by Inc42 total roughly $233 million across eight rounds between 2014 and 2025; Tracxn’s wider count, including smaller or undisclosed tranches, puts the figure at $264 million across 10 rounds and 32 investors. Key backers include Peak XV Partners, Sofina, Novo Holdings, LeapFrog Investments and Maj Invest.
Is MedGenome profitable?
In FY25 (year ended March 2025) MedGenome reported consolidated revenue of ₹407 crore, up 36.0% year-on-year, with consolidated profit after tax of ₹46.8 crore; standalone profit after tax was ₹57.7 crore, up 174% year-on-year (Inc42, citing MCA filings). As recently as August 2022 the company was still targeting basic EBITDA breakeven (EY India, 2022).
Is MedGenome planning an IPO?
No confirmed IPO plans were found as of September 2026. The company remains a private, unlisted entity, though its shares are quoted on some pre-IPO trading platforms; its most recent capital event was a $47.5 million Series E round in July 2025 and a majority stake acquisition in Siddhi Diagnostics & Research Centre in May 2026.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Inc42, “MedGenome — Funding” and “MedGenome — Financials” company profiles (accessed September 2026)
- Tracxn, “MedGenome” company profile, funding and valuation data (accessed September 2026)
- Tofler, “MedGenome Labs Limited” company financial and corporate filing summary (accessed September 2026)
- Entrackr, “Sequoia-backed MedGenome raises $50 Mn led by Novo Holdings,” August 2022
- EY India, “Mahesh Pratapneni,” EY Entrepreneur of the Year 2022 profile
- Novo Holdings, “MedGenome raises Series E funding, co-led by Maj Invest and Novo Holdings,” July 2025
- Outlook Business, “MedGenome Raises USD 47.5 Mn in Series E Funding Round,” July 2025
- BioVoiceNews, “Inside the Groundbreaking Genomics Revolution: Unfolding the rise of MedGenome,” October 2024
- Whalesbook, “MedGenome Targets ₹1,000 Crore Revenue, Plans Capacity Expansion,” 2026
- BioSpectrum India, “MedGenome makes majority investment in Mumbai’s Siddhi Diagnostics & Research Centre,” May 2026
- OC Academy, “Integrated Diagnostics: MedGenome Acquires SDRC Stake,” May 2026
- SCC Online, “Genetic Data Protection under DPDPA: Risks, Research & Compliance,” January 2026
- MedGenome corporate and research websites, diagnostics.medgenome.com and research.medgenome.com (accessed September 2026)
- Sam Santhosh, founder biography, samsanthosh.com and FounderWorld profile (2017)
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