Private Equity Firms in Talks to Acquire Majority Stake in Sensa Core

According to people familiar with the matter, the firms interested in the matter include KKR, TPG, Kedaara Capital, and Multiples Alternate Asset Management.

Global and domestic private equity firms have entered early-stage talks to acquire a majority stake in Hyderabad-based medical device maker Sensa Core Medical Instrumentation. 

According to people familiar with the matter, the firms interested in the matter include KKR, TPG, Kedaara Capital, and Multiples Alternate Asset Management.

The potential transaction will likely cost the company around $300 million (approximately ₹2,600 crore). While the size of the stake under discussion has not been disclosed, non-binding bids from interested investors are expected within the next month.

Sensa Core, owned by the Meruva family, is among India’s key domestic manufacturers of in-vitro diagnostic and point-of-care devices. Its product line includes blood gas analysers, electrolyte analysers, glucose meters, lactate meters, haemoglobin meters, and cholesterol meters. Founded in 2006 by Ravi K. Meruva, the company also provides maintenance support for other electrolyte analyser brands.

Investment bank Veda Corporate Advisors advises the company’s promoters on potential deals.

In response to queries, Nagaraju Meruva, Executive Director at Sensa Core, said, “The said information is baseless, and we do not respond to rumours.” KKR declined to comment, while emails sent to TPG, Kedaara, and Multiples went unanswered.

According to sources, Sensa Core is estimated to have posted revenue of approximately INR 400 crore in FY25, with an EBITDA in the INR 80–100 crore range.

“Medical devices are one of the most attractive sectors for private equity investors,” said a PE fund manager evaluating a possible bid. “Once a strong distribution network is in place and trust is established with doctors, companies in this space tend to generate steady, predictable revenues. Today, Indian medical device manufacturers are on par with global players regarding quality.”

The move comes amid rising investor activity in the Indian medical devices industry. Last week, Abu Dhabi Investment Authority (ADIA) acquired a minority stake in Warburg Pincus-backed Micro Life Sciences (Meril) for $200 million.

Global investor KKR has already established a presence in the sector with its ₹7,000 crore acquisition of Healthium Medtech (formerly Sutures India) from Apax Partners last year. Before Apax, TPG Growth held a 75% stake in Healthium.

Last year, KKR, TPG, and Apax had also explored acquiring Sahajanand Medical Technologies (SMT), India’s largest cardiac stent maker, but the deal did not materialise. SMT is preparing for an IPO and counts Morgan Stanley PE Asia and Samara Capital as major investors.

India’s medical devices market stood at $12 billion in FY24 and is projected to grow to $50 billion by 2030. Despite export growth reaching $3.8 billion, India remains dependent on imports, which stood at $8.2 billion in FY24, with 80–85% of devices sourced internationally, according to EY.

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