Kotak-Backed Biorad Medisys Eyes INR 400 Cr Fundraise as It Prepares Ground for Potential IPO
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The proposed fundraising is expected to support capacity expansion and strengthen the company's position in India's rapidly growing medical devices market.
Kotak-backed Pune-based Medtech company, Biorad Medisys, is reportedly in discussions to raise INR 400 Cr through a private funding round to accelerate its expansion plans while simultaneously laying the groundwork for a potential initial public offering (IPO) that could seek around INR 1,500 Cr.
The fundraising is expected to establish a valuation benchmark ahead of the company's proposed public market debut.
The proposed fundraising is expected to support capacity expansion and strengthen the company's position in India's rapidly growing medical devices market.
Biorad Medisys has appointed Grant Thornton, a multinational professional services firm, to advise the ongoing private fundraising process. The company is expected to raise around INR 400 Cr at an estimated valuation of approximately INR 10,000 Cr.
Sources also indicated that the company is monitoring market conditions before formally moving ahead with its public listing plans.
It has reportedly engaged CLSA India, ICICI Securities, and Nuvama as advisors for the IPO process.
The company has attracted investor interest in previous funding rounds as well.
In 2024, Biorad Medisys secured INR 400 Cr from Kotak Strategic Situations India Fund II, while DMI Finance Group exited its investment during the transaction.
Earlier, healthcare-focused private equity firm InvAscent completed its exit from the company after holding its investment for seven years.
Established in 2000 by Suchitra Hegde and Jitendra Hegde, Biorad Medisys develops and manufactures medical devices across orthopaedics, urology, and gastroenterology. Its portfolio includes orthopaedic implants for knee and hip replacement procedures, along with surgical disposables used across healthcare settings.
The company currently operates manufacturing facilities in Pune and Bengaluru. It also began operations at a new greenfield manufacturing facility dedicated to its Indovasive business in Bengaluru in March 2025, further strengthening its production capabilities.
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