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TPG Growth, the growth equity fund of global investment firm TPG, has invested Rs 1,45 crore in Sutures India Pvt. Ltd., a Bangalore-based manufacturer of medical consumables, by acquiring a minority stake. Established in 1992, Sutures India is a manufacturer, marketer and exporter of surgical sutures, meshes, tapes and gloves. It sells products to more than 10,000 hospitals nation-wide.
Vishwarupe Narain, Country Head, TPG Growth India, said, “India has one of the world’s lowest penetrated healthcare services industries with only nine hospital beds per 10,000 people as compared to other emerging markets like Thailand, China and Brazil. Given existing gaps in the Indian healthcare delivery services, the medical devices market is poised for growth with a market size of roughly $3 billion.”
In India, TPG Growth focuses on growth sectors including healthcare, financial services, industrials and manufacturing, and consumer and retail. With $3.5 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies, utilizing leveraged buyout, growth equity, and private investment in public equity (PIPE) structures.
