Orange Health: End-to-End Diligence on a Series B+ Deal

Arhan joined Iron Pillar's investment team as one of its newest analysts and was handed full responsibility for the Orange Health deal memo, working alongside a VP and a partner. Orange Health is a Bangalore-headquartered healthcare diagnostics company competing in a market dominated by traditional walk-in labs like Dr. Lal Pathlab and Metropolis, while also facing newer at-home players like Healtheons and Redcliff. The company's differentiation was its technology-led, at-home sample collection model, targeting young urban professionals who valued speed and convenience.

Arhan's work began well before the term sheet was signed. He mapped the competitive landscape across both incumbent and new-age diagnostics players, sized the market using top-down and bottom-up approaches, and assessed whether Orange Health's positioning was genuinely differentiated or simply a channel variant.

Field Work and Stakeholder Interviews

Once the term sheet was signed, Arhan led the commercial diligence phase. He visited Orange Health's labs and facilities across Bangalore, Delhi NCR, Mumbai, and Hyderabad, meeting senior management in each city to understand divisional structure, team depth, and operational capacity. He spoke with existing investors to understand their original investment thesis and their experience working with the founding team post-investment.

He also conducted primary research with external stakeholders: doctors who referred patients, suppliers and vendors in the diagnostics supply chain, and customers who had used the service. Each interview was synthesized from raw notes into structured findings, with only the most decision-relevant insights carried into the memo.

Building the Financial Case

Arhan built the financial analysis from the ground up. He collated data on public market comparables, including Dr. Lal Pathlab, Metropolis, and Thyrocare, to benchmark Orange Health's margins and valuation. He ran scenario analysis across entry and exit valuations to model fund-level return scenarios under different growth assumptions.

The memo synthesized all of this: market sizing, competitive positioning, management assessment, financial benchmarking, and investment thesis, into a document structured for LP and co-investor review. Arhan drafted the memo end-to-end, iterated with the VP, and presented the final version to the partners.