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Aarthi Scans to invest Rs 350 crore, expand strongly in North India by 2030

Chennai-based Aarthi Scans and Labs, a leading diagnostic imaging services provider in South India, is preparing to aggressively expand its presence in the North Indian market. The company plans to add 90 per cent of its upcoming centres in the region by 2030. As part of this expansion, it will invest around Rs 350 crore to increase its total number of branches from 85 to around 150 over the next five years. Now in its 25th year of operations, Aarthi Scans is also planning to launch an initial public offering (IPO) within the next three years. Simultaneously, the company is preparing to foray into the fitness diagnostics segment to cater to a wider audience. 'We are planning our IPO in the next three years. Every year, we are clocking a growth of around 20 per cent. In FY25, our turnover was around Rs 320 crore, which is slated to cross Rs 375 crore during the current financial year,' said V Govindarajan, founder of Aarthi Scans and Labs. The company has set a target of achieving a turnover of Rs 600 crore in the next four to five years. Pan-India footprint with a northern focus Aarthi Scans currently operates 85 branches and 150 collection centres across 18 cities in 11 states, including Tamil Nadu, Karnataka, Telangana, Maharashtra, Delhi, West Bengal, Gujarat, Puducherry, Andhra Pradesh, Kerala, and Haryana. Around 25 branches are located in Chennai alone, with 18 clustered in and around the city. 'Our aim is to add an average of around 10 branches every year. Within three months, we will be starting operations in Uttar Pradesh as well. Of the total branch expansions in the next five years, 90 per cent will be in North India,' Govindarajan said. From outpatient clinic to diagnostic leader Govindarajan entered the healthcare sector in the late 1980s by starting a small clinic, Aarthi Clinic—named after his daughter—for his doctor wife in Kovilpatti, Tamil Nadu. The family launched a multispeciality hospital in 1995, followed by a foray into diagnostics in 2000 and the opening of its first centre in Chennai's Vadapalani in 2003. Today, Aarthi Scans is managed by a family-run team of radiologists: Prasanna Vignesh, Aarthi Prasanna, and Arunkumar Govindarajan. AI-led transformation and new service verticals Arunkumar, Govindarajan's son, is spearheading the company's technological transformation. From X-rays and CT scans to brain volumetric analysis, the company has adopted artificial intelligence (AI) across several operations. 'AI is making the job of radiologists easier. Globally too, India has adopted AI better than even some developed nations,' said Arunkumar. He added that the company is in the process of launching fitness diagnostics, a fast-growing segment in India. Private equity talks and future outlook Aarthi Scans came into the spotlight in 2022 when reports emerged that Tata Capital Growth Fund, a mid-market private equity fund, was in talks to acquire a minority stake in the company. 'We were in talks with Tata Capital during Covid. We were doing some extremely good business and wanted to rope in a minority investor. Finally, the valuation did not match,' Govindarajan said.