Jashvik Capital has invested in Bengaluru-based Futura Surgicare which sells medical products, according to a statement from both firms on Monday.
The fund has made a $25 million investment in the medtech firm and expects to invest more to fund future acquisitions, according to a person familiar with the deal.
The capital will be used to build innovative devices and consumables across multiple specialty areas, drive organic and inorganic growth, and to deliver affordable access to high-quality medical products in India and various international markets, the press statement said.
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Established in 1994 by A.D. Setty, Futura Surgicare makes wound-closure and surgical consumables and devices. The company has nearly 400 employees and a manufacturing facility in Bengaluru. It sells its products in 10,000-plus hospitals in India across 26 states and has regulatory authorizations to sell its products in over 70 countries globally, according to the press statement.
Both the firms pegged the Indian medical devices opportunity at roughly $11.25 billion for domestic demand. In addition, a $3 billion market can be serviced from India, the firms said in the press statement.
Futura Surgicare founder Setty said that with healthcare systems around the world reorienting their supply chains post covid, “India has a big opportunity to help meet the needs of the world.”
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Naresh Patwari, founder and managing partner of Jashvik Capital, said the firm would help Futura expand further through organic and inorganic growth.
Patwari, a former partner at TA Associates, founded Jashvik Capital to focus on healthcare and consumer companies. The firm’s first fund is sized at a target corpus of $350 million. Mint reported in 2022 that Jashvik had invested in snacks firm Jabsons Food.
In an earlier interview, Patwari said that Jashvik will invest in “only in profitable businesses growing at more than 18% annually in large addressable markets.”
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Published: 24 Jun 2024, 07:56 PM IST