Mumbai-based healthcare-focused private equity firm Somerset Indus Capital Partners has invested around Rs 20 crore ($3.32 million) in medical imaging equipment manufacturer Prognosys Medical Systems and its sister concern Chayagraphics, which distributes medical products, as per a report by The Economic Times, citing a top executive.
According to the ET report, Prognosys, which assembles digital X-ray equipment, plans to set up 30,000 square feet facility in Bangalore with the funds raised through this round. It is an exclusive partner of Canon in India and assembles digital medical imaging products for the company.
The investment comes out of Somerset Indus Capital’s first fund which has corpus of $27 million (RS 160 crore).
The twin investment marks the fifth investment for the PE firm. It has previously backed multispecialty hospitals operator Cygnus Medicare, primary clinic chain Express Clinics and medical device company Sandor Medicaids. It had also co-invested in Delhi-based Altius Healthcare along with portfolio firm Cygnus.
The development comes at a time when the company is reportedly planning to raise a second fund targeting a corpus of around $125 million from domestic and overseas investors.
(Edited by Joby Puthuparampil Johnson)