Medical devices manufacturer Biorad Medisys is raising approximately ₹400 crore in a private funding round to support its expansion plans, according to reports from Mint. The company has appointed Grant Thornton as the advisor for this transaction. Biorad is also considering a public listing and is closely monitoring market conditions before beginning preparations for the IPO.
The private deal is expected to value the company at approximately ₹10,000 crore, which will set the benchmark for its planned public listing, as reported by Mint. Biorad is seeking to raise at least ₹1,500 crore through an initial public offering and aims to target a ₹12,000 crore valuation. The company has engaged CLSA India, ICICI Securities, and Nuvama as advisors to help with the IPO preparations.
The fundraising comes amid rising investor interest in India's medical devices sector, driven by expanding health insurance coverage, improving affordability, and a growing patient base. According to Invest India, India's medical devices sector is projected to grow at a compound annual growth rate (CAGR) of 16.4% to reach $50 billion over the next five years. The broader medtech industry, valued at $12 billion in FY24, has benefited from rising incomes, wider health insurance penetration, and growing medical tourism, with healthcare infrastructure expansion in tier-2 and tier-3 cities opening new markets for manufacturers.
Founded in 2000 by Suchitra Hegde and Jitendra Hegde, Biorad manufactures medical devices across orthopaedics, urology, and gastroenterology. The company operates manufacturing facilities in Pune and Bengaluru and commenced operations at a new greenfield facility for its Indovasive segment in Bengaluru in March 2025, as reported by ICRA. Biorad is also expanding capacity through a new manufacturing facility at Shirwal, with construction expected to begin in FY27. The company is estimated to hold around 10% share of India's orthopaedic implants market—the second-highest among domestic manufacturers.
In FY25, Biorad reported operating revenue of ₹546.6 crore, up from ₹357.4 crore a year earlier, according to ICRA. However, net profit declined to ₹31.3 crore from ₹44.9 crore. During the first half of FY26, the company reported revenue of ₹227.9 crore and a profit of ₹12.7 crore. The company has consistently improved its operating margins, supported by launches of higher-margin products, greater manufacturing efficiency, and increased backward integration. Alongside organic expansion, Biorad spent about ₹77 crore across four acquisitions between FY25 and the first half of FY26.
