Tata Capital Healthcare Fund II Leads $20 Mn Investment in Harsoria Healthcare
The undisclosed equity stake in the investment round also saw participation from notable investors, including Utpal Sheth, Ashish Kacholia and associates, and the LNB Group.
Tata Capital Healthcare Fund II (TCHF II), a healthcare-focused private equity fund, has announced a $20 million investment in Harsoria Healthcare, a Gurugram-based manufacturer of single-use medical devices.
The undisclosed equity stake in the investment round also saw participation from notable investors, including Utpal Sheth, Ashish Kacholia and associates, and the LNB Group.
Harsoria Healthcare plans to use the capital raised to expand its manufacturing capacities, increase its research and development (R&D) efforts, and drive its business development. It will focus on scaling up production and innovating in the healthcare sector.
Neeraj Gupta, Managing Director at Harsoria Healthcare, said, “We look forward with great excitement to accelerating our growth trajectory while remaining committed to developing high-quality, innovative, and cost-effective medical devices for global and Indian healthcare providers.”
Expansion Plans & R&D Focus
The Indian medical devices industry is among the largest in Asia, ranking as the fourth-largest market in the region and among the top 20 globally.
Projections suggest the industry will grow at a compound annual growth rate (CAGR) of 13% over the next five years, reaching an estimated value of $22 billion. Indian companies in the medical consumables segment have traditionally focused on low-value, commoditized products but are now shifting toward high-value medical devices.
The investment from Tata Capital Healthcare Fund II is expected to play a crucial role in this shift by supporting Harsoria Healthcare’s ongoing efforts in product innovation, research, and enhanced manufacturing. The company has already made its mark by manufacturing high-quality medical consumables, successfully reaching markets like the US and Western Europe.
Visalakshi Chandramouli, Managing Partner at Tata Capital Healthcare Fund II, commented on the investment, saying, “Under the leadership of first-generation entrepreneurs Neeraj and Nitin Gupta, the company has thrived over two decades by focusing on product innovation and manufacturing high-quality medical consumables. Harsoria exemplifies the ethos of ‘Make in India for the World,’ with its products achieving success in markets like the US and Western Europe. We believe in the company’s potential and look forward to participating in its growth journey.”
