Tata Capital Healthcare Fund II (TCHF II), the healthcare-focused private equity arm of Tata Capital Ltd., has spearheaded a $20 million investment in Harsoria Healthcare Private Limited, a prominent manufacturer of single-use medical devices in India, acquiring an undisclosed equity stake. Other notable investors in the funding round included Utpal Sheth, Ashish Kacholia and associates, and the LNB Group. The funds will support Harsoria Healthcare in scaling up manufacturing, bolstering R&D, and expanding business operations.
The Indian medical devices sector, the fourth largest in Asia and among the top 20 globally, is expected to grow at a compound annual growth rate (CAGR) of 13% over the next five years, reaching an estimated $22 billion. While Indian companies have historically focused on low-value, commoditized product categories in the medical consumables space, the industry is now shifting towards higher-value segments. Candle Partners served as the exclusive financial advisor to Harsoria Healthcare and its shareholders for this transaction.
Visalakshi Chandramouli, Managing Partner at Tata Capital Healthcare Fund II, stated, “We are delighted to collaborate with Harsoria Healthcare, a top-tier Indian manufacturer specializing in vascular access devices with a strong international presence. Under the leadership of first-generation entrepreneurs Neeraj and Nitin Gupta, Harsoria has grown significantly over two decades by emphasizing product innovation and high-quality manufacturing. With its ‘Make in India for the World’ philosophy, the company has succeeded in global markets, including the U.S. and Western Europe. We look forward to supporting their future growth.”
Neeraj Gupta, Managing Director of Harsoria Healthcare, expressed his enthusiasm: “This partnership marks a proud and significant milestone for the Harsoria group. It reflects the strength of our business model, built through contributions from all our stakeholders—employees, customers, suppliers, and investors. With this capital, we aim to accelerate our growth while staying committed to delivering innovative, high-quality, and cost-effective medical devices to healthcare providers in India and globally.”
Tata Capital Limited is a diversified financial services provider catering to retail, housing, SME, and corporate clients across its network of over 900 branches in India. Its offerings include consumer finance, housing loans, commercial finance, cleantech financing, microfinance, private equity, and more.
Tata Capital Healthcare Fund is a private equity fund focused on healthcare and life sciences in India. Since its inception, the fund has raised $200 million across two funds and has invested in 19 companies, successfully exiting 7 of them.
Harsoria Healthcare Pvt. Ltd., established in 2002, is a leading manufacturer of single-use medical devices. With nearly 2,000 employees across its manufacturing units in Gurugram and Baddi, the company produces approximately 1 million devices daily and exports to over 60 countries. Harsoria holds a leadership position in vascular access products, alongside offerings in infusion therapy, hemodialysis, and respiratory care.
