Hyderabad: Tata Capital Healthcare Fund III (TCHF III), the healthcare-focused private equity fund of Tata Capital, and Switzerland-based impact investor Blue Earth Capital have invested around $30 million in Hyderabad-based diagnostics company Tenet Medcorp.
The investment is for an undisclosed equity stake and marks one of the first investments by TCHF III, which achieved its first close earlier this year. The fund’s bet on diagnostics also comes amid rising PE interest in healthcare sector, which has been seeing consolidation among healthcare chains, emergence of specialized care platforms, and expansion into tier 2 and tier 3 markets.
Founded in 2018 by Sricharan Devineni, Tenet Diagnostics operates more than 35 diagnostic centres across 14 states and has a pan-India B2B laboratory network offering more than 3,000 specialised tests. The company provides radiology and pathology services through its integrated diagnostics platform.
The fresh capital will be used to expand Tenet’s presence in existing markets, strengthen its B2B laboratory network and pursue strategic inorganic opportunities, the company said.
“This partnership marks a defining moment for Tenet Diagnostics. 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 said.
