Trivitron, an India-based med-tech company, has raised $11 million in VC funding from ePlanet Ventures and HSBC Private Equity participated.
ePlanet Ventures, the world's leading global venture capital firm headquartered in Silicon Valley, California, announced an investment in India's leading medical technology company Trivitron. The US$11 million investment, by ePlanet Ventures and HSBC Private Equity (Asia) Limited, will facilitate Trivitron's ambitious manufacturing business plans through acquisitions and joint ventures and will be used for the infrastructural development for its forthcoming medical technology park.
The proposed Rs 250-crore medical technology park is a first of its kind initiative and will promote indigenization of medical technology in India. Trivitron has also requested the Government of Tamil Nadu to allot 25 acres of land near Chennai to start this project.
“With an existing portfolio of more than 15 companies in the healthcare and life sciences arena, coupled with a dedicated team, ePlanet, has special interests in this sector,” says ePlanet Ventures Managing Director, Chandrasekar Kandasamy. “Our strong focus, especially in the healthcare devices space, could provide significant value add to Trivitron and help them in identifying and acquiring companies in the healthcare space worldwide.”
Speaking on the occasion, G.S.K Velu, managing director of Trivitron Group of companies says, “The Indian medical technology industry accounts for an expenditure of $2.7 billion with $2.4 billion of it accruing towards imports alone. The medical technology park will be the first step towards indigenization of medical equipment manufacturing in India thereby making India one of the leaders among other medical equipment manufacturers around the world.”
“Trivitron exemplifies our strategy of investing in companies with a potential to become category-dominant leaders, that apply innovative business models, and harvest the benefits of being first-movers,” commented Asad Jamal, Chairman and CEO of ePlanet Ventures. “We are very pleased to add Trivitron to our global portfolio, and intend to ramp up investment activity in India going forward.”
ABOUT EPLANET VENTURES
ePlanet Ventures (www.eplanetventures.com) is a leading global venture capital firm headquartered in San Francisco Bay Area, with international offices in London, New Delhi, Bangalore, Singapore, Shanghai, and Beijing. ePlanet Ventures has funded over 76 innovative high-growth companies world-wide, including landmark deals Baidu (NASDAQ listing August 2005, US$12B market cap), Skype (sold to eBay for US$3B in 2005), and Focus Media (NASDAQ listing 2005, US$6B cap). ePlanet has created over US$ 20 billion in aggregate shareholder value on its transactions. The firm has won the China Venture Capital Association Exit of the Year 2005 Award, and the Europe Venture Capital Association Deal of the Year 2006 Award, and has been profiled in FORBES Feb 2007 as 'Pioneer in Global Venture Capital'.
Trivitron has grown to become the largest medical technology company in India. Trivitron specializes in a comprehensive range of medical device solutions covering the fields of imaging, cardiology, nephrology, critical care, orthopaedics, anaesthesiology, intensive care, obstetrics & gynaecology, radiology, urology, ophthalmology, gastroenterology, microbiology, biochemistry, haematology, immunology, molecular biology, blood banking, surgery, home care & geriatrics. Its main focus is to help the Indian markets identify their requirements, provide them a host of international brands & indigenous options to choose from and aid them get maximum value out of these brands. The company's principal partners include Aloka, Fresenius, DPC, Hamilton, and Richard Wolf & Arthrex.