Mumbai: Mid-market private equity firm Samara Capital Partners Fund II (“Samara”) has signed definitive agreements to invest up to USD 25MM in Sahajanand Medical Technologies Private Limited (“SMT”) for a significant stake.
Established in the year 1998, SMT is India’s largest stent manufacturing company and sells its product in more than 60 countries across the world. It became the first indigenous player in India to successfully launch coronary stents and is also the first company in the world to get CE approval for drug eluting stents with biodegradable polymers.
SMT plans to establish the company as a significant global player with a complete suite of product offerings in the cardiovascular field along with Samara. As a part of the deal, Gautam Gode and Abhishek Kabra of Samara Capital will come on the board of SMT.
Gautam Gode, Co-Founder and MD at Samara Capital said: “Samara has been actively researching and investing in the healthcare space and this is our second investment in the medical devices and consumables sector, after the buyout of a surgical consumables platform in Lotus Surgicals. We believe that the SMT team has the credibility and experience to build a large and global quality business while providing world class products at affordable prices.”
Bhargav Kotadia, Vice Chairman of SMT said: “Our core values have been providing best quality medical products and making it affordable and accessible to all. SMT today is India’s largest manufacturer of cardiovascular medical stents and has become the first Indian medical devices manufacturing company to commence the Talent Randomised Clinical Trial (RCT) in Europe which will re-enforce the quality of its product offerings and irrefutably establish the company at a global level. We are very excited to partner with Samara and use their expertise and network to take SMT to newer heights”.