Aarthi Scans and Labs, a Chennai-based diagnostics chain now in its 25th year, is preparing to go public. As a first step, the company is currently in advanced discussions to raise approximately ₹250 crore through a pre-IPO minority stake round.
Founded by V. Govindarajan, an engineer-turned-entrepreneur, Aarthi Scans has grown from a single diagnostic centre in South Tamil Nadu to a pan-India network of 75 full-service hubs, 50 blood collection centres, and 15 diagnostic centres across 12 states. The business is now spearheaded by his next generation—his son, daughter, and son-in-law, all of whom are radiologists. Over the past six to seven years, the second-generation leadership has overhauled critical functions such as technology, clinical reporting, marketing, finance, HR, and operations.
Growth has been rapid after these changes. With this infrastructure in place, we are now well-positioned to go for an IPO in the next two to three years,” said Govindarajan, Founder and Managing Director.
Aarthi Scans, which has remained completely bootstrapped and debt-free, reported ₹305 crore in revenue for FY25 and is targeting ₹375 crore for FY26. The company aims for an annual growth rate of 20–22% over the next four years. While organic expansion continues through reinvestment of profits, the company is now looking at strategic acquisitions to accelerate growth.
The company’s roots trace back to the 1980s, when Govindarajan established Aarti Hospital in Kovilpatti to support his wife, a practicing doctor. In 2000, recognising the lack of access to MRI and advanced diagnostics in South Tamil Nadu, he launched the first Aarthi Scans centre in Tirunelveli.
Aarthi Scans has since maintained a policy of offering diagnostic scans at 40–50% lower prices compared to competitors—an approach that was initially met with scepticism but eventually helped the brand build strong customer trust and loyalty.
Under Dr. Arun Kumar, Director and son of the founder, Aarthi Scans has embraced digital transformation, automating end-to-end operations and deploying enterprise-grade ERP systems. The company now uses seven radiology AI models from external vendors. These AI systems triage all chest X-rays and CT brain scans, resulting in a 40% reduction in turnaround time for chest X-rays and a 50% improvement in stroke intervention time ("door-to-needle" time).
Meanwhile, Dr. Aarthi Prasana, Director and Chief Radiologist, leads talent development, hiring, and mentoring of pathologists and radiologists. Recognising the industry-wide talent gap, she has spearheaded accredited PG radiology training programmes in collaboration with the Medical Council.
The company has also soft-launched a new digital health vertical, allowing athletes and health-conscious individuals to generate a snapshot of their health parameters, similar to a digital twin model.