Medical device company Biorad Medisys Private Ltd has received a ₹400-crore investment from Kotak Strategic Situations India Fund II, managed by Kotak Alternate Asset Managers Ltd.
The company will utilise the investment to set up a new manufacturing plant, repay existing debt and fund increasing working capital requirements.
Jitendra Hegde, Biorad Medisys Managing Director said, it had demonstrated its prowess as a supplier of medical devices catering to several segments by providing 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.” he said.
Eshwar Karra, Chief Executive with KSS India Fund (Kotak Alternate Asset Managers Ltd) said, the Indian medical devices industry was at an inflexion point, with increasing demand for quality healthcare along with the government’s support for domestic manufacturers.