Hyderabad: Tata Capital Healthcare Fund III and Switzerland-based Blue Earth Capital AG have invested about $30 million (around Rs 287 crore) in Hyderabad-based Tenet Medcorp Private Limited, which operates Tenet Diagnostics, for an undisclosed equity stake, the companies said on Monday.The transaction is among the first investments from Tata Capital Healthcare Fund III, the healthcare-focused private equity fund of Tata Capital Ltd, after its first close earlier this year.Founded in 2018 by Sricharan Devineni, Tenet Diagnostics runs more than 35 radiology and pathology centres across 14 states and operates a pan-India B2B laboratory network offering more than 3,000 super-speciality tests.The company provides services across radiology, pathology and nuclear medicine, including PET-CT, MRI, cardiac CT, ultrasound, mammography and advanced laboratory testing.Tenet said the capital will be used to deepen its presence in existing markets, strengthen its B2B network and pursue strategic acquisitions, as healthcare chains consolidate and expand into tier 2 and tier 3 markets.Tenet Diagnostics founder & managing director Sricharan Devineni said the investment will help the company accelerate growth by deepening its footprint across India.“Diagnostics is increasingly becoming a consumer-driven category where patients value speed, transparency, and accuracy,” said Visalakshi Chandramouli, managing partner, Tata Capital Healthcare Fund. She said Tenet had built one of India’s fastest-growing integrated diagnostics platforms with a balanced B2B-B2C mix.
