Tata Capital Healthcare Fund II (TCHF II), a private equity arm of Tata Capital focused on healthcare, has spearheaded a $20 million funding round for Harsoria Healthcare. Based in Gurugram, the company is a leading producer of single-use medical devices in India. While the exact equity stake acquired by TCHF II remains undisclosed, the investment represents a significant step in supporting the company’s ambitious growth plans.  

1. Notable Investors Join the Funding Round  

In addition to TCHF II, several prominent investors participated in the funding round. These included Utpal Sheth, Ashish Kacholia and associates, and the LNB Group. The newly infused capital is earmarked for scaling up manufacturing capabilities, strengthening research and development, and advancing business development initiatives.  

2. India's Burgeoning Medical Devices Market 

India's medical devices sector is the fourth-largest in Asia and is among the top 20 globally. The industry is expected to grow at an impressive compound annual growth rate (CAGR) of 13% over the next five years, reaching an estimated valuation of $22 billion. While Indian manufacturers have traditionally focused on low-value, commoditized medical products, there is a notable shift towards innovation in high-value product segments.  

3. Financial Expertise Driving the Deal 

Candle Partners, a leading financial advisory firm, served as the exclusive advisor to Harsoria Healthcare and its shareholders throughout the transaction. Their expertise ensured the smooth execution of this strategic investment.  

4. Tata Capital's Perspective on the Partnership  

Visalakshi Chandramouli, Managing Partner of Tata Capital Healthcare Fund II, expressed confidence in Harsoria Healthcare’s future. “Neeraj and Nitin Gupta, as first-generation entrepreneurs, have built a thriving business over two decades through innovation and quality. Their commitment to ‘Make in India for the World’ has enabled the company to gain a strong foothold in global markets such as the US and Western Europe. We see tremendous potential in Harsoria and are eager to support its next phase of growth,” she remarked.  

5. Harsoria’s Vision for the Future  

Neeraj Gupta, Managing Director of Harsoria Healthcare, shared his enthusiasm for the company’s expansion plans. He stated, “This funding marks a pivotal moment for us. It will enable us to accelerate our growth while staying true to our mission of delivering high-quality, cost-effective, and innovative medical devices to healthcare providers worldwide and in India.”  

6. A Promising Road Ahead  

With the backing of Tata Capital and other key investors, Harsoria Healthcare is poised to enhance its market presence and drive innovation in the medical consumables sector. The company’s focus on excellence and global outreach reflects the growing stature of India’s healthcare manufacturing industry on the international stage.