Chennai-based medical technology company Cura Healthcare Pvt. Ltd, which is focused on the diagnostic imaging space, has received fresh funding worth $6 million from existing investor Peepul Capital, as per a press statement.
“This round of funding will be primarily used for the company's expansion plans, organic and inorganic growth and to strengthen its offerings,” said M Balasubramaniam, CEO, Cura Healthcare.
Peepul Capital had invested $9 million in Cura in 2012. Besides this fresh round of funding, the PE firm has also committed to invest another $7-8 million in six months.
Cura has been offering pre-owned products in diagnostic imaging space, including high-end MRI systems. The company is currently working on getting the CE certification for its indigenously manufactured patented digital radiography systems which it will be launching soon.
Besides this, Cura plans to manufacture mobile computer radiography systems, which offer high quality X-ray at the bed side of patients. The unique design of this equipment is expected to aid in penetrating tier II and III markets affected by infrastructural challenges such as irregular power supply, the company said.
Cura is also actively expanding its product portfolio in adjacent spaces and the company will be pursuing an inorganic growth agenda in this regard. It is evaluating a few acquisition opportunities.
Sridhar Parthasarathy, nominee director, Peepul Capital, said, "The medical equipment manufacturing sector in India is still at a very nascent stage as more than 85 per cent of our requirements are met by imports. We strongly believe that India will follow the same path as China wherein large, indigenous manufacturers of medical equipment have emerged over the past decade.”
With the government focusing on boosting the manufacturing sector in India, Cura with its strong manufacturing, distribution and service infrastructure is well positioned to capitalise on this opportunity, he added.
(Edited by Joby Puthuparampil Johnson)