Tata Capital Healthcare Fund Invests USD 20 Mn in Harsoria Healthcare The Gurugram-based medical devices manufacturer aims to deploy the fresh funds to enhance manufacturing capabilities, bolster research and development (R&D), and accelerate business development initiatives.
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Tata Capital Healthcare Fund, the healthcare and life sciences-focused private equity arm of Tata Capital, has infused USD 20 million into Harsoria Healthcare, a leading manufacturer of medical devices.
Prominent investors, including Utpal Sheth, Ashish Kacholia, and the LNB Group, also participated in the funding round. While the exact stake acquired remains undisclosed, the capital injection marks a significant milestone for Harsoria's growth trajectory.
The funds will be deployed to enhance manufacturing capabilities, bolster research and development (R&D), and accelerate business development initiatives.
Harsoria operates two state-of-the-art manufacturing facilities in Gurugram and Baddi, Himachal Pradesh, employing over 1,500 people. With a robust export network spanning more than 60 countries, international sales contribute 90% of the company's revenue.
"This funding reaffirms the strength of our business model and the collaborative contributions of our employees, customers, suppliers, and investors," said Neeraj Gupta, Managing Director of Harsoria Healthcare. "We are excited to scale our operations and continue delivering high-quality, innovative, and cost-effective medical devices to global and Indian healthcare providers."
Founded in 2002, Harsoria specialises in single-use medical devices, including vascular access tools, infusion systems, hemodialysis products, and respiratory care devices.
The company reported revenue of INR 184 crore in FY23, up from INR 153 crore in FY22, despite a decline in profits from INR 16 crore to INR 14 crore, according to data platform Tracxn.
This investment also underscores Tata Capital Healthcare Fund's strategic focus, having deployed about 90% of its corpus into healthcare ventures such as Linux Labs, Apex Kidney Care, and Mumbai Oncocare Centre.
Candle Partners acted as the exclusive financial advisor for the transaction. With the backing of Tata Capital Healthcare Fund and marquee investors, Harsoria is poised to cement its position as a leader in the medical devices industry while driving innovation and market expansion.
