Healthcare & Life Sciences
VedaCorp advised Tenet Diagnostics, a leading integrated diagnostics platform, on its growth capital fundraise of ~USD30 Mn led by Tata Capital Healthcare Fund.
About
Tenet Diagnostics
Founded in 2018, Tenet Diagnostics offers a wide spectrum of services across Radiology, Pathology, and Nuclear Medicine, providing a one-stop solution for all diagnostic needs. With over 35 centres across 14 states and an extensive super speciality test menu of over 3,000 tests, Tenet is among India’s leading integrated diagnostics chains. Our state-of-the-art hub centres are equipped with cutting-edge & advanced technologies in imaging & pathology . Combined with a skilled team of doctors trained at top Indian institutes, Tenet ensures high-quality diagnostic results across a wide range of clinical challenges. For more information, visit https://www.tenetdiagnostics.com/
Tata Capital Healthcare Fund (TCHF)
Tata Capital Healthcare Fund (TCHF) is a growth-oriented private equity fund focused on the healthcare and life sciences sector in India. The fund is sponsored by Tata Capital Limited, a subsidiary of Tata Sons Limited. TCHF has raised ~ US$200 million across two funds – TCHF I (2012) and TCHF II (2022). Across both the funds, TCHF has invested in 19 companies, and has successfully exited 8 companies thus far. The investment in Tenet marks one of the first investments from Tata Capital Healthcare Fund III (TCHF III), which achieved its first close earlier this year. For more information, visit www.tatacapitalhealthcarefund.com
Blue Earth Capital
Blue Earth Capital is a global, independent, specialist impact investment firm, headquartered in Switzerland, with approximately US$1.6 billion in assets under management and offices in New York, London, and Konstanz. Blue Earth Capital partners with businesses, fund managers and investors to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and market-rate financial returns. For more information, visit www.blueearth.capital
Background
We are pleased to share that our client, Tenet Medcorp Private Limited (“Tenet Diagnostics”), has successfully raised ~ USD30 Mn from Tata Capital Healthcare Fund (‘TCHF’) and Blue Earth Capital AG. The investment will support Tenet Diagnostic’s next phase of growth as the company seeks to deepen its presence in existing markets, strengthen its B2B network and pursue strategic inorganic opportunities.
Founded in 2018, Tenet Diagnostics has emerged as one of the fast-growing integrated diagnostics platforms focused on building a network of high-quality diagnostics centres offering wide spectrum of services across radiology, pathology, and nuclear medicine. The company currently operates more than 35 centres across regions with an extensive super- speciality test menu of over 3,000 tests.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the Company and its promoters providing comprehensive transaction advisory services covering identification of prospective investors, strategic positioning including deal structuring, assistance in due diligence, negotiation and finalisation of key commercial terms, leading to the successful closure of the transaction.
This marks VedaCorp’s 12th transaction in the diagnostics space, 68th overall in the healthcare & life sciences space re-affirming our leadership position.
“VedaCorp’s guidance was instrumental through every stage of this transaction. Their deep understanding of the diagnostics and healthcare landscape, combined with a disciplined, hands-on approach, gave us the confidence to navigate this process and land on the right partners in Tata Capital Healthcare Fund and Blue Earth Capital. We’re grateful for their partnership on this milestone and look forward to continuing to work with them as Tenet grows.”
Mr. Sricharan Devineni, Managing Director, Tenet Diagnostics
“Congratulations to Sricharan and Tenet Diagnostics team on this milestone transaction. As one of India’s leading diagnostics platforms, Tenet Diagnostics has built a formidable reputation for clinical excellence and patient-centric care. This transaction reflects the continued confidence of investors in high-quality healthcare assets and Tenet Diagnostics’ growth journey. We are privileged to have partnered on this important milestone and look forward to the company’s continued success.”
V P Rajan, Managing Director – VedaCorp