The company will primarily utilise the investment from KSSF II to set up a new manufacturing plant
Kotak Strategic Situations India Fund II, managed by Kotak Alternate Asset Managers (Kotak Alt), announced an investment of up to Rs 400 crore in Biorad Medisys.
Biorad Medisys is a leading medical device manufacturer. The company will primarily utilise the investment from KSSF II to set up a new manufacturing plant, repay existing debt and fund increasing working capital requirements.
Eshwar Karra, CEO, Kotak Strategic Situations India Fund, Kotak Alternate Asset Managers said, “The Indian medical devices industry is at an inflexion point, with increasing demand for quality healthcare along with the government’s support for domestic manufacturers through the ‘Make in India’ campaign. We believe that Biorad Medisys is well poised to capture this growth over the coming years.”
Jitendra Hegde, MD, 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.”
Rahul Chhaparwal, Partner- Kotak Strategic Situations India Fund, Kotak Alternate Asset Managers said, “We are delighted to back Jitendra Hegde in building Biorad into the best-in-class medical devices manufacturing institution in India. We look forward to supporting the team at Biorad as they embark on their next phase of sustainable growth and profitability.”
