45102 - Medgenome

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Summary of Investment Information

Project Number

45102

Company Name

MEDGENOME INC.

Date SPI Disclosed

Apr 15, 2021

Country

India

Region

South Asia

Projected Board Date

May 18, 2021

Environmental Category

B - Limited

Status

Active

Last Updated Date

Jul 31, 2021

Department

Equity Portfolio Management

Industry

other

Previous Events

Approved : May 27, 2021
Signed : Jun 30, 2021
Invested : Jul 29, 2021

Sector

other

Project Description

The proposed equity financing is for Medgenome Inc. (“Medgenome” or the “Company”), India’s leading genetic diagnostics, research and data licensing player. Founded in 2013, MedGenome is a genomics and clinical data driven diagnostics and research company with a focus on next generation sequencing (NGS). It is leading genetic diagnostics player in India with a footprint across South Asia and is set to expand its operations into other geographies. Company is headquartered in Foster City, California and has a state-of-the-art, College of American Pathology (CAP) certified lab and research center in Bangalore, India.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	16.50

Development Impact

IFC's additionality in this Project is both financial and non-financial. Financial additionality consists in the provision of patient capital and IFC's ability to continue to support future funding needs, particularly during the tough times brought on by the Covid-19 pandemic. Non-financial additionality involves knowledge, innovation and capacity building, provided by leveraging insights from previous investments, and connecting the Company with prospective clients.

E&S Category Rationale / Risks and Mitigation

This is a Category B project as per IFC’s Policy on Environmental and Social Sustainability. Key E&S risks and issues associated with this project include: the company’s capacity and systems to assess and manage E&S risks and impacts from its operations – including future developments; occupational health and safety (OHS) risks including exposure to infections and hazardous materials; assurance of fair, safe and healthy working conditions including systems to address gender based violence and harassment (GBVH) risks in compliance with local regulatory and PS2 requirements; emergency preparedness and response including life and fire safety risks; pollution prevention including management of biomedical wastes, e-wastes and hazardous chemicals; and stakeholder engagement.

Contacts

For Inquiries About the Project, Contact

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/

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Local Access of Project Documentation

MedGenome Labs Limited. –

3rd Floor, Narayana Netralaya building, Narayana Health City, #258/A, Bommasandra, Bangalore, 560099, India

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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