Tata Capital Healthcare Fund, the healthcare-focused private equity arm of Tata Capital, alongside Switzerland-based global impact investor Blue Earth Capital AG, has invested approximately $30 million in Tenet Medcorp Private Limited, which operates under the brand Tenet Diagnostics, for an undisclosed equity stake.
The investment was made through Tata Capital Healthcare Fund III (TCHF III), marking one of the fund’s first investments since its first close earlier this year.
DealStreetAsia had first reported that Tata Capital Healthcare Fund was in talks to invest in Tenet Diagnostics in March this year.
Founded in 2018, Tenet Diagnostics operates a network of diagnostic centres across several Indian states, including Andhra Pradesh, Karnataka, Maharashtra, Bihar, Uttar Pradesh, and Jharkhand, as well as its headquarters in Telangana.
“The investment will help us accelerate our mission, deepen our footprint across India, and bring reliable diagnostics to more communities who need it most,” said Sricharan Devineni, Managing Director, Tenet Diagnostics.
The company operates more than 35 diagnostic centres across 14 states and has a B2B laboratory network across India that offers more than 3,000 specialised tests.
“Diagnostics is increasingly becoming a consumer-driven category where patients value speed, transparency, and accuracy,” said Visalakshi Chandramouli, Managing Partner at Tata Capital Healthcare Fund, in a media statement.
Founded in 2010, the private equity firm raised about $400 million across three funds, invested in 20 companies, and completed eight exits.
Among recent deals, Noida-based House of Diagnostics (HOD), an integrated diagnostics platform, raised funding from 360 ONE Asset through the sale of a minority stake.
