Samara to invest $25m in India's SMT

The company hopes to become a significant global player in the cardiovascular field, and will use the majority of Samara's investment for research and development to extend its product line in this segment. Samara co-founder and Managing Director Gautam Gode, as well as Samara Vide President Abhishek Kabra, will join the board at SMT, according to a statement.

Founded in 1998, SMT was the first Indian company to produce coronary stents and is now the country's largest stent manufacturer, selling its products in more than 60 countries worldwide. Samara hopes to help the company enter markets such as the US and Japan where it does not currently have a presence through both organic growth and acquisitions.

Samara has made several investments in India's medical space before, including a 2009 commitment to diagnostics company Thyrocare Technologies and the 2013 buyout of medical consumables maker Lotus Surgical. This year the firm paid INR1.51 billion ($22.7 million) to acquire the Indian division of South African drug maker Adcock Ingram Holdings.

Currently Samara is investing its second fund, which launched in 2012. While the vehicle is sector agnostic, the firm prefers to invest in the healthcare, consumer and financial services spaces. Other investments from the fund include the 2014 purchase of a 45% stake in US data storage firm Iron Mountain for an undisclosed amount.

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• Topics
• South Asia
• Healthcare
• Expansion
• India
• Samara Capital
• Growth capital