Leading In Vitro Diagnostics (IVD) manufacturer Medsource Ozone Biomedicals Pvt. Ltd. has raised an undisclosed amount from private equity firm Xponentia Capital Partners.
Medsource Ozone Biomedicals is one of the largest Indian manufacturers of IVD products supplying specialized products to labs pan-India as well exporting to over 35+ countries. Its key products include testing instruments, rapid test kits and reagents for conducting several kinds of diagnostic tests by laboratories. It was also one of the few suppliers of Covid RT-PCR related kits to Indian laboratories. Recently, the company has launched a D2C brand Ozocheck where it sells personal use medical devices through online and offline channels.
Medsource has been growing year-on-year at a fast pace and aims to use the funds to launch new products and expand its distribution in India and overseas markets. The company will shortly commission its new state of the art manufacturing facility which will help double its capacity. The management also plans to grow through acquisitions and/or partnerships in adjacent product segments.
Mr.Ajaykumar Bhatt, CEO of Medsource Ozone commented: “We are thrilled to partner with Xponentia as they join us in our growth journey. We are confident that together we will set new standards for IVD industry and execute an inclusive growth plan which benefits our customers, team members, shareholders and most importantly, the patients."
Commenting on the investment, Xponentia Capital Partners Founder and Managing Partner Devinjit Singh said, “We are delighted to partner Medsource Ozone in its journey towards building the leading company in the IVD industry with new and innovative testing solutions for diagnostic laboratories. The Indian diagnostics industry is at an inflexion point given the increasing awareness and focus on preventive healthcare. With its professional management team, R&D capabilities and market reputation, Medsource Ozone is well placed to build on its competencies towards building a world class organization.”
Lymonds Mirus Capital Advisors, led by its partner Rashmi Bajaj was the exclusive advisor to the transaction.