Chennai: Peepul Capital LLC, an India-centric private equity (PE) firm, has invested $6 million in Cura Healthcare Pvt. Ltd, a high-end radiology equipment maker.
Peepul had invested $9 million in 2012 in Cura Healthcare, which was set up in 2001 and makes and sells digital radiography, computerized radiography and mammography systems. “Peepul Capital holds a majority stake in the company,” said Balasubramaniam, chief executive officer of Cura Healthcare, who goes by a single name. He declined to provide more details.
Cura Healthcare, which earns Rs45 crore in annual revenue, expects to manufacture top-of-the-line mobile computer radiography systems that offer high-quality x-rays at the bedside of patients. The medical equipment maker plans to expand to Tier II and III markets affected by infrastructural challenges such as irregular power supply.
With the new funding, the Chennai-based company intends to enter critical care, healthcare information technology and nuclear medicine segments. “The medical equipment manufacturing sector in India is still at a nascent stage as more than 85% of our requirements are met by imports,” said Sridhar Parthasarathy, a nominee director of Peepul Capital Fund.