Chennai-based hospital lab management (HLM) pathology chain, TechMed Healthcare and Diagnostics Pvt Ltd, has raised investment for a significant minority stake from Matrix Partners.
TechMed, which was founded by TG Rajaramanan and Wasim Mohideen in 2009, has partnered across various hospitals in South India to provide testing services for patients within hospital premises.
“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 Hospital Lab Management (HLM) model,” said TG Rajaramanan, founder and managing director of TechMed.
TechMed currently operates 30 HLM and collection centres across South India and two centres to support HLMs for high-end tests. The company plans to expand its operations to over 300 centres in South and East India in two years.
“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.
Matrix Partners, which had previously raised $300 million in its maiden fund, added its second India-focused fund worth $330 million in late 2011. It invests in healthcare, consumer, education, financial service, mobile space, etc.
In healthcare, the company has invested in eye care chain New Delhi Centre for Sight, maternity care hospitals Cloudnine, cosmetology chain Enhance, orthopedic hospital Mewar Ortho, etc.
(Edited by Joby Puthuparampil Johnson)