Motilal Oswal Alternates, the alternative investment arm of Motilal Oswal Financial Services, has invested $72 million for a significant minority stake in Sensa Core, a medical devices company.
The funds will be used to accelerate product development and expand its footprint globally.
Founded in 2006 by Dr Ravi Kumar Meruva, Sensa Core started as a bootstrapped venture and now dominates the domestic market for electrolyte analysers, with installations across 40,000 hospitals and diagnostic labs and exports to 78 countries.
SensaCore is engaged in design (IP-driven), development, manufacturing, and distribution of specialized in-vitro diagnostic devices.
Sensa Core is also one of the leading Indian players in Glucometers, Haemoglobin meters and has recently forayed into Arterial Blood gas Analysers. The Company operates a dedicated manufacturing facility in Hyderabad’s Export Promotion Industrial Park, Pashamylaram and will be commissioning a new manufacturing facility in Medical Device Park, Sultanpur, Hyderabad, to augment capacity & build capability for new products.
Rohit Mantri, Managing Director andCo-Head of Private Equity at Motilal Oswal Alternates, said, “India imports over 75% of its medical devices, with annualimports exceeding USD 8.5 billion. We firmly believe in fostering indigenousdevelopment and manufacturing in India for local needs and for ‘Make in India’exports to the world. Sensa Core exemplifies India’s new era of homegrown medical device champions, driven by rising demand for high-quality, affordable and globally competitive products. Under Dr. Meruva’s leadership, the Company has been built on deep technical expertise, a strong R&D mindset and aninnovation culture to turn scientific insights into commercial successes. Withthis investment, Motilal Oswal Alternates continues to back high-quality companiesin the life sciences space, especially R&D-led medical device innovators that are set to lead different categories worldwide.”
Dr Ravi Kumar Meruva, Chairman & Founder, and now Managing Director of SensaCore, said, “We are excited to enter the next phase of product innovation – advancing manufacturing automation while driving the conceptualization and execution of a diverse portfolio of point-of-care products. Built on deep expertise in electrochemistry and bio-analytical transducers, Sensa Core brings together industrial design, mechanical, electrical, electronics, software, and chemistry disciplines under one roof to create integrated, high-quality solutions. With a strong focus on expanding access to healthcare, we believe affordability can be achieved through local manufacturing and large-scale production. The investment from Motilal Oswal Alternates reinforces confidence in our vision. Their commitment to supporting India-first companies with global ambition aligns strongly with our mission, and this partnership positions Sensa Core to evolve into a global institution of excellence.”
