Healthcare Device Maker Accumax Secures $68 Mn To Shore Up Acquisitions

Healthcare devices maker Accumax has raised $68 Mn from Creador and India Life Science Fund III. 

The funds will be used to expand Accumax’s footprint across the globe. The company will further deploy funds to make acquisitions in the lab equipment and consumables sectors.

Founded in 2003 by Chirag Shah and Tejas Shah, Accumax manufactures medical equipment including pipettes, pipette controllers, bottle top dispensers, tips, tubes and PCR consumables. It supplies its medical products to more than 120 countries. It presently has an employee base of over 1500.

Accumax said it has six manufacturing facilities in India and Germany. Its product portfolio includes over 2,300 stock keeping units (SKUs). 

On the other hand, Malaysia-based private equity firm, Creador essentially makes long-term investments in growth-stage businesses in South and Southeast Asia. 

Last year, Creador invested $73 Mn in Sapphire Foods India, which is a franchisee operator of Yum! Brands. The investment was a mix of primary and secondary capital. With this deal, Creador entered India’s quick service restaurant industry. 

Prior to this, Creador also exited from Indian pharmaceutical company Corona Remedies by selling its stakes to ChrysCapital for $ 90 Mn.

Hyderabad-based private equity firm, InvAscent is an investment advisor to India Life Sciences Fund III. Besides, it is also operating two funds – EILSF (Fund I), India Life Sciences Fund II (ILSF-II). All these funds make investments in India’s pharmaceutical, healthcare, animal health and medtech sectors.

Sumit Gupta, managing director at InvAscent, said, “India Life Sciences Fund III is excited to partner with Accumax which has built  global presence and scale over the last 20 years under the leadership of Chirag and Tejas, and is poised to benefit from the increased global focus and investments in vaccines, biopharma and pharma research activities post the COVID-19 pandemic.” 

If we talk about the medical devices industry, which is estimated at $11 Bn in 2022, contributes significantly to India’s healthcare sector. A report states that India’s healthcare segment is estimated to be worth $372 Bn in 2022. 

The sector has been in investors’ focus constantly. In March, we saw healthcare startup ekincare raising $15 Mn from HealthQuad, Sabre Partners,Ventureast, Eight Roads Ventures, Siana Capital and Endiya Partners.

During the same month, Qure.ai bagged $40 Mn from Novo Holdings and HealthQuad while Phable was said to be raising nearly $24.5 Mn from Kalaari Capital, Aflac Ventures, SOSV, Omron Ventures, and Stride Ventures.