Skip to main content

Deal Alert: Matrix Partners India invests in TechMed

Matrix Partners India today announced that it has picked up significant minority stake in TechMed, a Hospital Lab Management (HLM) pathology chain based out of Chennai. TechMed has partnered with hospitals across South India to provide testing services for patients within hospital premises. Each HLM center in the hospital is supported by a proximate state-of-the-art mother center to provide results for a wide array of tests quickly. Dr. T.G. Rajaramanan, a general surgeon, started Techmed in 2009.

“As a budding surgeon, I saw that getting reliable tests quickly at the hospital doorstep is a hassle. In addition, retaining manpower was tough, and training them tougher. Hospitals mostly outsourced high-end tests affecting both commercials and turnaround time. My desire to find a commercial, operationally viable solution led me to the HLM model. Joining hands with Matrix Partners India is an important milestone in our journey”, said Dr. T.G. Rajaramanan, Founder and Managing Director of TechMed

“We found Dr. Rajaramanan's vision inspiring and believe TechMed provides a win-win solution for hospitals and patients alike. Pathology has tremendous growth potential and TechMed’s innovative business model suitably complements our growing healthcare portfolio”, said Asish Mohapatra, Director, Matrix India

TechMed currently has 30 HLM and collection centers across South India and two ‘state-of-the-art’ mother centers to support the HLMs for high-end tests. The chain plans to expand its operations to over 300 centers in South and East India in the next two years, and subsequently a pan India presence. Dr. Wasim Mohideen, Dr. Masood Ikram and Mrs. Mohana Pillai lead operations along with Dr. Rajaramanan in a team full of young, passionate doctors. TechMed is currently ramping up its human capital in both clinical and non-clinical domains. 

About TechMed:

TechMed is an exclusive “Hospital Lab Management” (HLM) pathology chain in South India. Dr. T.G. Rajaramanan started TechMed along with co-founder Dr. Wasim Mohideen in 2009. It aims to provide faster and accurate pathology test results within hospital premises at affordable costs while eliminating operational and commercial hassles for hospital management. Headquartered in Chennai, TechMed has a large network of HLMs that are supported by ‘state-of-the-art’ standalone mother centers (starting with Chennai and Bangalore). Highly trained pathologists and technicians are enabled with technology and efficient operating systems to ensure quick turn around and high quality of reports. TechMed conducts wide array of tests pertaining to pathology, biochemistry, microbiology, immunology, histopathology and hematology. Further information is available at www.techmedhealthcare.com  

About Matrix Partners India: 

Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. In healthcare, the firm has invested in several market leading companies/ chains like Centre for Sight (eye care), Cloudnine (maternity and infant care), Mewar Ortho (orthopedic care), Enhance (cosmetology) and Meditrina (interventional cardiology). It has also invested in other leaders like Mswipe (mobile POS), Muthoot Finance (gold loan NBFC), Quikr (online classifieds), TreeHouse Education (preschools), U2opia (social mobile apps), Verse/ NewsHunt (vernacular mobile platform) and W (women’s ethnic wear) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in 

Venture Intelligence is the leading provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India. Click Here to view our products list including the Free Deal Digest Weekly: India's First & Most Exhaustive Transactions Newsletter.

Popular posts from this blog

VC Interview: Shailendra Singh of Sequoia Capital India

In a recent interview to Venture Intelligence, Shailendra Singh discussed some of the firm’s newer investments in the early stage segment including in the online payments space, the progress at a few existing portfolio companies and the active role the firm is playing in helping its portfolio companies scale and succeed in India and globally. Prior to joining the firm in 2006, Singh was a strategy consultant at Bain & Company in New York and before that, an entrepreneur in the digital media industry.

Venture Intelligence: How does Sequoia go about identifying potential early stage investments in India? Is there anything different you are doing today than, say, a couple of years back?

Shailendra Singh: There is a lot more focus on technology investing and early stage investing. In general, as you might remember a few years ago, we were doing primarily growth investing but in the past 18-odd months, we have had a very strong focus on early stage and that’s continuing. In terms of how…

PE investments in 2018 crosses $33-B to set new all-time high

Big Ticket investments in consumer apps Swiggy & Byju’s dominates year-end activity, even as investments in Core Sectors slow down
Private Equity (PE) investments in India rose to their highest ever figure of $33.1 billion in 2018 (across 720 transactions), according to data from Venture Intelligence (http://www.ventureintelligence.com), a research service focused on private company financials, transactions and their valuations. While PE investments have already surpassed the previous high - $24.3 Billion across 734 deals in 2017 - in the first nine months of 2018, the mega investments in Consumer Internet & Mobile startups such as Swiggy and Byjus towards the year-end, helped the 2018 total vault by 36% year-on-year. (Note: These figures include Venture Capital investments, but exclude PE investments in Real Estate.) The year witnessed 81 PE investments worth $100 million or more (accounting for 77% of the total investment value during the period), compared to 47 such transac…

ChrysCapital and Sequoia Capital India grab two awards at APEX’19 PE-VC Awards

Mumbai, India, Feb 27, 2019: ChrysCapital and Sequoia Capital bagged two awards each as part of the “Awards for Private Equity Excellence” (APEX)event organized by Venture Intelligence. 

ChrysCapital bagged the Private Equity Fund Raise of 2018 Award (Closed $850 M Fund VIII within 4 months of launch) and the Private Equity Investor of 2018 Award (for its Exits from LiquidHub with 4x in dollar terms (within 4 years of its $53-M investment), AU Small Finance Bank with 11.5x return,  Torrent Pharma with 2.95x, City Union Bank with 2.83x, L&T Infotech with 2.56x)

Sequoia Capital India won the Early Stage VCInvestor(the firm registered 10x+ exits in Byjus Classes and SCIOInspire) and VC Fund Raise of 2018 (the firm closed an almost $700-M Fund VI).


Award Winners at APEX'19 PE-VC Awards

The event opened with a Fireside Chat with Kiran Reddy, CEO of SPI Group interviewed by his long time friend and colleague Vineeth Vijayraghavan.



Snapshots of the Awards Ceremony: (L-R) Gopal Srinivasan, …