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Matrix Partners India backs TechMed

  • Andrew Woodman
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Matrix Partners India has invested in TechMed, a hospital lab management (HLM) pathology chain, picking up a significant minority stake. The financial details of the transaction were not disclosed.

Based out of Chennai, TechMed partners with hospitals across South India to provide testing services for patients. The business was set up by Dr T.G. Rajaramanan and Dr Wasim Mohideen in 2009 as an alternative to the practice of outsourcing high-end tests, which can be both expensive and time-consuming for hospitals.

TechMed currently has 30 HLM and collection centers based in hospitals and two main centers to support its network. The chain plans to expand to over 300 centers in South and East India in the next two years, with a view to eventually having a pan-Indian presence.

"Pathology has tremendous growth potential and TechMed's innovative business model suitably complements our growing healthcare portfolio", said Asish Mohapatra, director of Matrix India, in a statement.

Matrix has already made several health care investments in India. These include: eyecare specialist Centre for Sight, infant and maternity care chain Cloudnine, orthopedic specialist chain Mewar Ortho, cosmetic surgery chain Enhance and interventional cardiology center Meditrina.

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