Motilal Oswal Alternates picks minority stake in Sensa Core for $72 mn

Mumbai: Motilal Oswal Alternates has acquired a significant minority stake in medical diagnostic equipment maker Sensa Core for $72 million, the companies said in a statement on Monday.

The investment will enable Sensa Core to accelerate product development and expand its worldwide footprint, further strengthening its position as one of the leading players in the in vitro diagnostics segment.

The companies did not disclose the size of the shares purchased.

“India imports over 75% of its medical devices and annual imports exceed US$ 8.5 billion. We firmly believe in promoting indigenous development and manufacturing in India for local needs and ‘Make in India’ exports to the world,” said Rohit Mantri, managing director and co-head of Private Equity, Motilal Oswal Alternates.

Founded in 2006 by Dr Ravi Kumar Meruva, Sensa Core is engaged in the design (IP-oriented), development, manufacturing and distribution of specialized in vitro diagnostic devices.

The company claims to be the market leader in electrolyte analyzers, with wide adoption in over 40,000 hospitals/diagnostic laboratories in India as well as exports to over 78 countries. It is also reportedly one of the leading Indian players in the glucometer and hemoglobinmeter space and has recently branched out into arterial blood gas analyzers as well.

“We believe affordability can be achieved through local production and large-scale production, with a strong focus on expanding access to healthcare,” Meruva added. Sensa Core was advised on the transaction by Veda Corporate Advisors.

The company operates a dedicated manufacturing facility in Hyderabad’s Export Promotion Industrial Park, Pashamylaram, and will commission a new manufacturing facility in Medical Device Park, Sultanpur, to increase capacity and develop capability for new products, the statement said.

Meanwhile, Motilal Oswal Alternates manages private equity and real estate funds, cumulatively managing around $3.1 billion in assets across the two asset classes.

Its private equity vertical focuses on providing growth capital to mid-market companies in its preferred consumer, financial services, life sciences and niche manufacturing sectors. Earlier this year, the private equity firm launched its fifth fund with an initial close of $800 million.