NewsVoir
New Delhi [India], May 16: Biorad Medisys Pvt. Limited (“Biorad Medisys”), a leading medical device manufacturer in India, recently completed another round of funding, raising INR 400 crore from Kotak Strategic Situations India Fund II (“KSSF II”) managed by Kotak Alternate Asset Managers Ltd. (KAAML). This bolsters Biorad Medisys’ financial standing and marks an exit for their existing investor, DMI Finance Group, which had previously invested in the company. Grant Thornton Bharat was the exclusive financial advisor to Biorad Medisys for the transaction.
Biorad Medisys is a leading medical device manufacturer with products across therapeutic areas like Urology, Orthopedics, Gastroenterology and Neurovascular. The company boasts a solid domestic and international presence, selling products in India, Latin America, Europe, Southeast Asia, and the Middle East. Headquartered in Pune, it has manufacturing operations in Bangalore, among other offices across India, and global offices in Switzerland and UAE.
Abhay Anand, Partner and Medical Devices Industry Leader at Grant Thornton Bharat, who led the transaction, said, “This is one of the largest growth equity investments in India’s medical device sector. Historically, investments in the healthcare segment in India have predominantly targeted healthcare delivery and pharma. However, there is a growing interest in India’s medical device sector, fueled by the emergence of companies that are scaling up and focusing on innovation, product development and manufacturing. We see the indigenisation of the entire medical device value chain and exports as a huge growth opportunity and expect a strong investor appetite, tapping into the same. Biorad Medisys stands out as one of the few scaled-up platforms in India. We are pleased to have worked closely with Biorad Medisys in their journey.”
Sumeet Abrol, Partner and National Deals Leader at Grant Thornton Bharat, said, “The healthcare sector continues to attract significant investor interest given headroom for growth across the spectrum, particularly medical devices. This transaction reinforces our focus at #GTBharat to continue working for dynamic healthcare businesses to realise their growth and value-unlock aspirations.”
Speaking on the transaction, Jitendra Hegde, Managing Director of Biorad Medisys said, “This investment marks a momentous occasion for us. We are excited to have an investor on board who shares our vision of transforming the Indian medical devices industry and has a strong pedigree and successful track record of investing in the healthcare sector in India. At Biorad Medisys, we have demonstrated our prowess as a leading supplier of medical devices catering to several segments by providing quality medical consumables, implants, and equipment. We will now strive to scale the business to newer heights through sustainable value creation and providing best-in-class quality and performance.”
Established in 1999, the company is engaged in the manufacturing and sales of Orthopedic implants for Knee and Hip and surgical and consumables focused on Urology, Gastroenterology and Neuro-vascular intervention through its manufacturing facilities at Pune, Maharashtra and Bengaluru, Karnataka. The company sells its products in India and countries across geographies like Latin America, Europe, Southeast Asia and Middle East.
For more information, visit www.bioradmedisys.com.
“Grant Thornton Bharat” means Grant Thornton Advisory Private Limited, a member firm of Grant Thornton International Limited (UK) in India, and those legal entities which are its related parties as defined by the Companies Act, 2013, including Grant Thornton Bharat LLP.
Grant Thornton Bharat LLP, formerly Grant Thornton India LLP, is registered with limited liability with identity number AAA-7677 and has its registered office at L-41 Connaught Circus, New Delhi, 110001.
References to Grant Thornton are to Grant Thornton International Ltd. (Grant Thornton International) or its member firms. Grant Thornton International and the member firms are not a worldwide partnership. Services are delivered independently by the member firms.
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