Tata Capital Healthcare Fund leads $30 million investment in Tenet Diagnostics
Hyderabad, Aug 17 (TNT): Tata Capital Healthcare Fund III (TCHF III) and Switzerland-based global impact investor Blue Earth Capital AG have invested approximately US$30 million in Tenet Medcorp Private Limited (Tenet Diagnostics) for an undisclosed equity stake, the companies announced on Monday.
TCHF III, the healthcare-focused private equity fund of Tata Capital Ltd, led the investment, which marks one of the fund’s first investments following its first close earlier this year.
Founded in 2018 by Sricharan Devineni, Tenet Diagnostics has developed an integrated diagnostics platform comprising radiology and pathology centres across India.
The company currently operates more than 35 diagnostic centres across 14 states, supported by a pan-India B2B laboratory network offering more than 3,000 super-speciality tests.
The investment will support the company’s expansion plans, including strengthening its presence in existing markets, expanding its B2B network and pursuing strategic inorganic growth opportunities.
Tata Capital Healthcare Fund Managing Partner Visalakshi Chandramouli said the diagnostics sector was increasingly becoming consumer-driven, with patients seeking speed, transparency and accuracy.
She said Tenet had built a fast-growing integrated diagnostics platform with strong accreditation, a balanced B2B-B2C mix and a proven operating model, adding that TCHF III would support the company’s next phase of growth as a “capital-plus” partner.
Tenet Diagnostics Chairman Suresh Devineni said the investment was a strong endorsement of the platform built by the company over the past eight years and reiterated its focus on clinical quality, operational discipline and putting patients first.
Tenet Diagnostics Managing Director Sricharan Devineni said the partnership would help the company accelerate its mission, deepen its footprint across India and provide reliable diagnostic services to more communities.
Blue Earth Capital Director of Private Equity Partnerships Rohan Ghose said Tenet was widening access to quality diagnostics for underserved communities by integrating radiology and pathology services and offering them at accessible price points.
Veda Corporate Advisors (VedaCorp) acted as the exclusive financial advisor to Tenet Diagnostics and its shareholders on the transaction.
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