Bain Capital-backed CitiusTech, a healthcare technology services company, is planning to grow through acquisitions and will evaluate an IPO this year, either in the US or India, chief executive officer (CEO) Rajan Kohli told Mint in an interview.
“It is very much in our growth path,” Kohli said, referring to the company’s plan to list on the exchanges. “We will evaluate [it] this year if the markets are good,” he said, adding that the company will evaluate listing in either India or the US.
The firm’s primary market is the US, accounting for 95% of its revenues. Its investors are Bain Capital Private Equity and EQT Private Capital Asia (previously Baring Private Equity Asia).
In 2022, Bloomberg reported, citing people in the know, that CitiusTech had filed confidentially for a US IPO.
The health tech firm is planning expansions in Europe and Japan, as demand for healthcare technology services increases among medtech, healthcare, and life sciences companies.
Kohli said that the firm’s specialised focus on healthcare gives it an edge over large Indian IT service companies that cater to various industries. A few other Indian companies are focused solely on healthcare tech services, like IKS Health, which was listed on the exchanges in December 2024 and posted ₹2,664 crore revenue in FY25.
Acquisitions drive growth
The firm is looking at acquisitions this year to drive growth.
“We didn’t make any acquisitions for the last two years because the valuation was not great in the market,” Kohli said, adding that this year the company is targeting two acquisitions, provided it finds targets that meet its requirements.
CitiusTech is exploring acquisition options which would strengthen its foray into Europe as well as enhance its abilities in the healthcare provider market.
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The company had previously stated a target of $1 billion in revenue by FY28, which it is still aiming for, Kohli said.
“On an organic basis, we continue to grow as per plan,” he said.
The company is expecting mid-teens revenue growth in FY26, after high single-digit revenue growth in FY25, Kohli said.
While it hasn’t yet posted its FY25 results, it clocked revenue of ₹3,536 crore and a profit of ₹350 crore in FY24.
GenAI tailwind
Kohli sees GenAI as a significant tailwind driving growth, as companies look for cost optimisation solutions. “…today, 25% of our clients give us the opportunity to use GenAI tools. I think in one or two years, 80-100% of our clients will allow GenAI-produced code into their environment,” he said.
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Being a healthcare-focused service provider gives CitiusTech an edge as well, according to Kohli. “It is a huge advantage being just focused on healthcare because a lot of our clients buy us because of our specialised capabilities. All our investment, all our R&D, all our training goes into healthcare only,” he said.
