Bain Capital-backed CitiusTech, a healthcare expertise companies firm, is planning to develop by means of acquisitions and can consider an IPO this yr, both within the US or India, chief govt officer (CEO) Rajan Kohli instructed Mint in an interview.
“It is extremely a lot in our development path,” Kohli stated, referring to the corporate’s plan to checklist on the exchanges. “We are going to consider [it] this yr if the markets are good,” he stated, including that the corporate will consider itemizing in both India or the US.
The agency’s major market is the US, accounting for 95% of its revenues. Its buyers are Bain Capital Non-public Fairness and EQT Non-public Capital Asia (beforehand Baring Non-public Fairness Asia).
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In 2022, Bloomberg reported, citing individuals within the know, that CitiusTech had filed confidentially for a US IPO.
The well being tech agency is planning expansions in Europe and Japan, as demand for healthcare expertise companies will increase amongst medtech, healthcare, and life sciences corporations.
Kohli stated that the agency’s specialised deal with healthcare offers it an edge over massive Indian IT service corporations that cater to varied industries. Just a few different Indian corporations are targeted solely on healthcare tech companies, like IKS Well being, which was listed on the exchanges in December 2024 and posted ₹2,664 crore income in FY25.
Acquisitions drive development
The agency is taking a look at acquisitions this yr to drive development.
“We did not make any acquisitions for the final two years as a result of the valuation was not nice out there,” Kohli stated, including that this yr the corporate is focusing on two acquisitions, offered it finds targets that meet its necessities.
CitiusTech is exploring acquisition choices which might strengthen its foray into Europe in addition to improve its talents within the healthcare supplier market.
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The corporate had beforehand said a goal of $1 billion in income by FY28, which it’s nonetheless aiming for, Kohli stated.
“On an natural foundation, we proceed to develop as per plan,” he stated.
The corporate is anticipating mid-teens income development in FY26, after excessive single-digit income development in FY25, Kohli stated.
Whereas it hasn’t but posted its FY25 outcomes, it clocked income of ₹3,536 crore and a revenue of ₹350 crore in FY24.
GenAI tailwind
Kohli sees GenAI as a major tailwind driving development, as corporations search for price optimisation options. “…at this time, 25% of our shoppers give us the chance to make use of GenAI instruments. I believe in a single or two years, 80-100% of our shoppers will permit GenAI-produced code into their surroundings,” he stated.
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Being a healthcare-focused service supplier offers CitiusTech an edge as properly, in line with Kohli. “It’s a large benefit being simply targeted on healthcare as a result of lots of our shoppers purchase us due to our specialised capabilities. All our funding, all our R&D, all our coaching goes into healthcare solely,” he stated.
