CURA Healthcare Pvt. Ltd., a Chennai-based medical technology company focused on the diagnostic imaging space, today announced that it has raised $6 million from Peepul Capital.
The fundraising will support company's expansion plans and will strengthen its offerings, said M Balasubramaniam, CEO, CURA Healthcare.
According to him Peepul Capital, which holds majority stake in CURA, is committed atleast another $7-8 million.
He added the company is currently working on getting the CE certification for its indigenously manufactured Patented Digital Radiography Systems, which it will be launching soon.
CURA plans to manufacture top of the line Mobile Computer Radiography Systems, which offers high quality X-ray at the bed side of patients. The money will also be used to rebrand some of the existing products, setting up pan-India distribution and on R&D.
The design of this equipment is expected to aid in penetrating Tier 2 & 3 markets affected by infrastructural challenges such as irregular power supply, he said.
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"We are also looking for an inorganic growth and n the process of evaluating a few acquisition opportunities," he said.
The company is also looking at joint venture for manufacturing with global players.
CURA has a 50,000 sq.ft manufacturing & R&D facility in MEPZ SEZ in Chennai.
Sridhar Parthasarathy, nominee Director of Peepul Capital Fund said: "The medical equipment manufacturing sector in India is still at a very nascent stage as more than 85% 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".
He added, with the government focusing on boosting the manufacturing sector in India, CURA with its manufacturing, distribution and service infrastructure is well positioned to capitalise on this opportunity.
The company is one of the major players in the imaging diagnostics industry, which is estimated to be around Rs 5,000 crore.
The company clocked a revenue of around Rs 45 crore in 2013-14 as compared to Rs 32 crore, a year ago. For 2014-15 company set a target of Rs 100 crore.
The growth will mainly come from new products, new products and inorganic.
Currently the company imports the equipments to sell in the domestic market and in the next 24 months it plans to manufacture these equipments in India.