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Businesswire
SMT (Sahajanand Medical Technologies) Raises INR 230 Crores of Equity Capital in a Round Led by a Fund Managed by Morgan Stanley Private Equity Asia
January 12, 2018
Business Wire IndiaSMT, the leading manufacturer of cardiac stents in India, is pleased to announce that it has successfully raised equity to the tune of Rs. 230 crore in a funding round led by Morgan Stanley Private Equity Asia. Existing Investor Samara Capital also participated in the round.
Founded by Mr. Dhirajlal Kotadia in 2001, SMT became an early champion of the ‘Make in India’ initiative by being one of the first companies in Asia to indigenously develop & manufacture coronary stents. Today, SMT is the largest developer, manufacturer and market leader of minimally invasive coronary stents (drug-eluting & bare metal), renal stents, PTCA balloon catheters and other cardiovascular accessories in India. Beyond India, SMT also exports its portfolio of life-saving devices to UK, Spain, Italy, Netherlands & over 60 other countries.
SMT operates a WHO-GMP certified manufacturing plant in Gujarat and two world-class R&D centers, including one in Ireland. The Company has a strong focus on R&D and has a number of pioneering achievements to its credit including being the first company in the world to receive the CE certification for a drug eluting stent with biodegradable polymer. Further, SMT has published several clinical studies in leading cardiac journals and has multiple process/product patents. The company keeps a highly customer-centric approach while distributing its innovative products & technologies through a well-entrenched direct sales network.
As part of the current transaction, a fund managed by Morgan Stanley Private Equity Asia has invested INR 160cr in primary capital into the Company for a minority stake. SMT’s existing institutional investor, Samara Capital also participated in the round. KPMG India Private Limited served as an exclusive financial advisor to SMT for the transaction.
The proceeds from the transaction will be used to finance SMT’s strong organic growth, achieve synergistic acquisitions and build an aggressive R&D program for a further expansion of its portfolio of innovative lifesaving medical devices.
Speaking on the transaction, Bhargav Kotadia, Managing Director of SMT, remarked, “We are proud to partner with a pedigree investor like Morgan Stanley Private Equity Asia in our journey of becoming a global leader of cardiovascular devices. The proceeds from this investment round will bolster further expansion in overseas markets and assist in building our pipeline of next generation cardiovascular products. As proud early champions of ‘Make in India’, we look forward to making India a global powerhouse for critical medical devices in the near future.”
Arjun Saigal, Co-head of Morgan Stanley Private Equity Asia in India, said, “Lifesciences & Healthcare is one of our core focus sectors in India. The increasing burden of lifestyle diseases combined with the push towards local manufacturing backed by the best in class R&D has led to a significant rise in the use of domestic medical implants. SMT’s high-end technology and focus on R&D will make it a key beneficiary of the rapid expansion in treatment volumes and medical infrastructure. We are excited to be partnering with SMT in its journey forward.”
“SMT is a professionally run, technology-driven company with products far superior to its peers and is all set to make a mark at the global level as a leading cardiovascular focused medical devices company from India. Samara’s investment in late 2016 was a result of the high potential we saw in the sector and capabilities within SMT to emerge as the market leader. The new up-round and fund raise validates our thesis and further strengthens the balance sheet of the company.” adds Abhishek Kabra, Director at Samara Capital.
Source: Businesswire
Founded by Mr. Dhirajlal Kotadia in 2001, SMT became an early champion of the ‘Make in India’ initiative by being one of the first companies in Asia to indigenously develop & manufacture coronary stents. Today, SMT is the largest developer, manufacturer and market leader of minimally invasive coronary stents (drug-eluting & bare metal), renal stents, PTCA balloon catheters and other cardiovascular accessories in India. Beyond India, SMT also exports its portfolio of life-saving devices to UK, Spain, Italy, Netherlands & over 60 other countries.
SMT operates a WHO-GMP certified manufacturing plant in Gujarat and two world-class R&D centers, including one in Ireland. The Company has a strong focus on R&D and has a number of pioneering achievements to its credit including being the first company in the world to receive the CE certification for a drug eluting stent with biodegradable polymer. Further, SMT has published several clinical studies in leading cardiac journals and has multiple process/product patents. The company keeps a highly customer-centric approach while distributing its innovative products & technologies through a well-entrenched direct sales network.
As part of the current transaction, a fund managed by Morgan Stanley Private Equity Asia has invested INR 160cr in primary capital into the Company for a minority stake. SMT’s existing institutional investor, Samara Capital also participated in the round. KPMG India Private Limited served as an exclusive financial advisor to SMT for the transaction.
The proceeds from the transaction will be used to finance SMT’s strong organic growth, achieve synergistic acquisitions and build an aggressive R&D program for a further expansion of its portfolio of innovative lifesaving medical devices.
Speaking on the transaction, Bhargav Kotadia, Managing Director of SMT, remarked, “We are proud to partner with a pedigree investor like Morgan Stanley Private Equity Asia in our journey of becoming a global leader of cardiovascular devices. The proceeds from this investment round will bolster further expansion in overseas markets and assist in building our pipeline of next generation cardiovascular products. As proud early champions of ‘Make in India’, we look forward to making India a global powerhouse for critical medical devices in the near future.”
Arjun Saigal, Co-head of Morgan Stanley Private Equity Asia in India, said, “Lifesciences & Healthcare is one of our core focus sectors in India. The increasing burden of lifestyle diseases combined with the push towards local manufacturing backed by the best in class R&D has led to a significant rise in the use of domestic medical implants. SMT’s high-end technology and focus on R&D will make it a key beneficiary of the rapid expansion in treatment volumes and medical infrastructure. We are excited to be partnering with SMT in its journey forward.”
“SMT is a professionally run, technology-driven company with products far superior to its peers and is all set to make a mark at the global level as a leading cardiovascular focused medical devices company from India. Samara’s investment in late 2016 was a result of the high potential we saw in the sector and capabilities within SMT to emerge as the market leader. The new up-round and fund raise validates our thesis and further strengthens the balance sheet of the company.” adds Abhishek Kabra, Director at Samara Capital.
Source: Businesswire
