Biorad Medisys, a medical devices manufacturer, is in the process of raising about ₹400 crore in a private funding round to support its expansion plans and has appointed Grant Thornton as the advisor for the transaction, according to two people familiar with the matter.
The company is also mulling a public listing and is closely monitoring market conditions before it begins preparations. It has engaged CLSA India, ICICI Securities and Nuvama as advisors to help with the IPO, both people said on the condition of anonymity.
"The private deal is likely to value the company at about ₹10,000 crore and will set the benchmark for its planned public listing," one of the people cited above said.
"The company is seeking to raise at least ₹1,500 crore through an initial public offering and aims to target a ₹12,000 crore valuation," a second person said.
The fundraising comes amid rising investor interest in India's medical devices sector, driven by expanding health insurance coverage, improving affordability and a growing patient base. India's medical devices sector is projected to grow at a compound annual growth rate (CAGR) of 16.4% to reach $50 billion over the next five years, according to Invest India.
Biorad, Grant Thornton, ICICI Securities, CLSA India and Nuvama did not respond to Mint's requests for comment till press time.
Medtech boom
In 2024, Biorad raised ₹400 crore from Kotak Strategic Situations India Fund II, while existing investor DMI Finance Group exited as part of the transaction. Earlier, healthcare-focused private equity firm InvAscent exited its seven-year investment in the company in 2023.
The broader medtech industry, valued at $12 billion in FY24, has benefited from rising incomes, wider health insurance penetration and growing medical tourism, according to an EY report. The consultancy added that healthcare infrastructure expansion in tier-2 and tier-3 cities has also opened new markets for manufacturers.
Other major players in the broader medical equipment manufacturing space include IPO-bound Sahajanand Medical Technologies, Tynor, Abbott, Medtronic and Meril. Domestic peers such as Healthium Medtech and Translumina Therapeutics have also raised, or are in the process of raising, fresh capital.
Growth plans
Founded in 2000 by Suchitra Hegde and Jitendra Hegde, Biorad manufactures medical devices across orthopaedics, urology and gastroenterology. Its key products include orthopaedic implants used in knee and hip replacement surgeries, as well as surgical disposables.
The company operates manufacturing facilities in Pune and Bengaluru and commenced operations at a new greenfield facility for its Indovasive segment in Bengaluru in March 2025, ICRA said in a report published in December.
Biorad is also expanding capacity through a new manufacturing facility at Shirwal, with construction expected to begin in FY27.
Over the past five years, the company has scaled up significantly, driven by higher volumes, expanding geographic reach, a robust distribution network and healthy demand for medical devices in both domestic and export markets.
ICRA also noted that the company has consistently improved its operating margins, supported by launches of higher-margin products, greater manufacturing efficiency and increased backward integration.
Market position
Biorad is estimated to hold around a 10% share of India's orthopaedic implants market—the second-highest among domestic manufacturers.
Alongside organic expansion, the company spent about ₹77 crore across four acquisitions between FY25 and the first half of FY26.
In FY25, Biorad reported operating revenue of ₹546.6 crore, up from ₹357.4 crore a year earlier. Net profit declined to ₹31.3 crore from ₹44.9 crore, according to ICRA.
During the first half of FY26, the company reported revenue of ₹227.9 crore and a profit of ₹12.7 crore.