With revenue surging and a robust global footprint, the Pune-based medical devices firm aims to scale manufacturing, enter new markets, and lead innovation in Indian MedTech.
Biorad Medisys Seeks Growth Capital to Accelerate Global Ambitions
Pune-based Biorad Medisys, one of India’s fastest-growing medical devices companies, is open to strategic or private equity investment to fund its next phase of expansion, including capacity building, R&D innovation, and global market entry.
“We never shut the door. We will require funds going forward to take the company to the next level,” said JM Hegde, Managing Director of Biorad Medisys, in a recent interview with Moneycontrol.
A Steep Growth Trajectory and Global Ambitions
Biorad’s growth has been rapid and consistent:
- Revenue jumped from ₹230 crore in FY23 to ₹360 crore in FY24, and is projected to exceed ₹550 crore in FY25
- A CAGR of 56% over the last three years, driven by strong product acceptance, export momentum, and public-private partnerships
- Export revenue makes up 28% of total earnings, led by its Indovasive consumables division
The company has already established a presence in over 50 countries, and is now expanding across Europe, Russia, Vietnam, and other regions following a recent acquisition in Switzerland.
Recent Funding and Expansion Moves
In 2023, Biorad raised ₹350 crore from Kotak Strategic Situations Fund II via optionally convertible debentures (OCDs) to:
- Repay previous debt
- Fund capital expenditure for two greenfield facilities in Bengaluru and Shirwal
- Accelerate its domestic and global footprint
These new facilities are being designed to meet demand over the next five years across urology, gastroenterology, and robotics.
Additionally, Biorad is developing a medical device park near Pune, with plans to scale the 30-acre site to 100 acres, aiming to create a full-fledged ecosystem for manufacturing, R&D, training, and global outreach.
Innovation and R&D at the Core
Biorad invests 4% of annual revenue into R&D and has a team of over 200 engineers. Key highlights:
- Among the first in India to pioneer 3D-printed orthopedic implants
- Currently developing an indigenous surgical robot in collaboration with ETH Zurich, a global leader in tech innovation
- Product pipeline spans orthopedics, neurology, digital health, and stroke rehabilitation
“Our diversified platform and value manufacturing in India will make a huge difference globally,” said Hegde, adding that Biorad aspires to become a top 10–15 global medical device player, targeting a billion-dollar valuation.
A High-Growth Sector with Huge Local Potential
India’s medical devices sector, valued at $12 billion in FY24, is projected to grow to $50 billion by 2030 at a CAGR of 16.4%. Key drivers include:
- Rising demand for healthcare infrastructure
- Increased health awareness
- 100% FDI allowance
- Government-backed medical device parks and export councils
Although India ranks among the top 20 global medical devices markets, it still imports 70–80% of its needs, presenting a massive opportunity for domestic players like Biorad.
A Turnaround Story Rooted in Vision
Founded in 2000 in Bengaluru by a group of NRIs and doctors, Biorad initially struggled to commercialize cardiac catheters. It was later acquired and restructured by JM Hegde in 2007, who shifted its focus to high-tech, value-based manufacturing in emerging and essential categories.
Today, Biorad’s portfolio includes:
- Orthopedic implants (knee, hip, trauma)
- Surgical consumables
- Scopes, pumps, and diagnostic tools
- Robotics and digital health solutions
The firm’s strategy of innovation, affordability, and India-based manufacturing positions it strongly in a sector increasingly attracting global PE funds and pharma crossovers.
