January 9, 2025: Harsoria Healthcare has secured $20 Million investment from Tata Capital Healthcare Fund, to help strengthen its manufacturing capabilities, augment research and development (R&D) efforts, and fast-track business development.
Harsoria presently operates two factories—one in Gurugram and another in Baddi, Himachal Pradesh. It houses over 1,500 people across its two production facilities, and exports to over 60 countries, with exports accounting for 90% of its revenue.
Founded in 2002, Harsoria is an integrated manufacturer of single-use medical devices. The firm’s product portfolio includes vascular access devices such as cannulas and catheters, infusion systems like IV sets and infusion pumps, and hemodialysis products, including bloodline sets and AV fistula needles. Furthermore, the company manufactures respiratory care devices such as oxygen and nebulizer masks, along with stoppers and stopcocks for controlling fluid flow in medical systems.
Harsoria Healthcare Upbeat about Growth Trajectory
Neeraj Gupta, Managing Director, Harsoria Healthcare said “This reaffirms the strength of our business model that has evolved with contributions from all stakeholders in the organisation–our employees, customers, suppliers, and investors.” He added, “We look forward with great excitement to accelerating our growth trajectory while remaining committed to developing high-quality, innovative, and cost-effective medical devices for global and Indian healthcare providers.” .
Following this investment, Tata Capital Healthcare Fund, the healthcare and life sciences-focused private equity arm of financial services company Tata Capital has deployed about 90% of its corpus. Few of its investments include Linux Labs, Atulya Healthcare, Deeptek Inc, Anderson Diagnostic Services, Sakar Healthcare, dialysis chain Apex Kidney Care, and Mumbai Oncocare Centre.
The medical devices producer reported revenue of Rs 184 crore in fiscal 2023, up from Rs 153 crore in the previous year. However, despite the rise in revenue, the company’s profit experienced a decline, dropping from Rs 16 crore in 2022 to Rs 14 crore in fiscal 2023, according to data platform Tracxn.
Tata Capital Healthcare Fund, revealed India’s medical devices industry is the fourth largest in Asia and ranks among the top 20 globally. It is expected to grow at a compound annual growth rate (CAGR) of 13% over the next five years, reaching an estimated market value of $22 billion. Candle Partners was the exclusive financial advisor to Harsoria Healthcare and its shareholders for the transaction.
The latest round of investment also saw participation from investors like Utpal Sheth, Ashish Kacholia, and the LNB Group. However, the firms did not disclose the details of the acquired stake.
