Tata Capital Healthcare Fund Leads $30 Mn Investment in Tenet Diagnostics

The investment, made for an undisclosed equity stake, will be used to expand Tenet Diagnostics’ presence in existing markets, strengthen its B2B laboratory network and pursue strategic inorganic growth opportunities.

Tata Capital Healthcare Fund III (TCHF III), along with Swiss impact investor Blue Earth Capital AG, has invested approximately $30 million (around Rs 290 crore) in Tenet Diagnostics, marking one of the healthcare-focused fund’s first investments following its initial close earlier this year.

The investment, made for an undisclosed equity stake, will be used to expand Tenet Diagnostics’ presence in existing markets, strengthen its B2B laboratory network and pursue strategic inorganic growth opportunities.

Founded in 2018 by Sricharan Devineni, Tenet Diagnostics operates more than 35 diagnostic centers across 14 states in India. Its network combines radiology and pathology services, while its nationwide B2B laboratory business provides more than 3,000 specialized tests.

The company operates under Tenet Medcorp Private Limited and is headquartered in Telangana. Its diagnostic footprint includes markets such as Andhra Pradesh, Karnataka, Maharashtra, Bihar, Uttar Pradesh and Jharkhand.

The funding comes as Tenet looks to deepen its presence across its existing markets and expand its laboratory network. The company is also expected to explore inorganic opportunities as part of its next phase of growth.

For Tata Capital Healthcare Fund III, the transaction is among its first investments after the fund achieved its first close earlier in 2026. The fund is focused on investments across the healthcare sector.

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