Motilal Oswal Alternates has invested $72 million in Sensa Core Medical Instrumentation, a Hyderabad-based medical devices company focused on developing indigenous healthcare technology. The investment underscores growing private equity interest in India’s domestic medical devices manufacturing ecosystem amid rising import dependence.
Founded in 2006 by Dr. Ravi Kumar Meruva, Sensa Core is engaged in the design, development, manufacturing, and distribution of specialised in-vitro diagnostic (IVD) devices. The company claims its products are used across more than 40,000 hospitals and diagnostic laboratories in India, with exports spanning over 78 countries.
Expanding Product Portfolio and Manufacturing Capacity
Sensa Core’s product portfolio includes glucometers and haemoglobin meters, and the company has recently expanded into arterial blood gas analysers, strengthening its presence in point-of-care diagnostics. It currently operates a manufacturing facility at Hyderabad’s Export Promotion Industrial Park in Pashamylaram and is in the process of commissioning a new unit at the Medical Device Park in Sultanpur, Hyderabad to expand capacity and support new product development.
The fresh capital will be used to accelerate product innovation, enhance manufacturing automation, and expand Sensa Core’s global footprint, the company said.
Backing India’s ‘Make in India’ Medical Device Push
Commenting on the investment, Rohit Mantri, Managing Director and Co-Head of Private Equity at Motilal Oswal Alternates, said India currently imports over 75% of its medical devices, with annual imports exceeding $8.5 billion. He added that Sensa Core represents a new generation of homegrown medical device companies aligned with the ‘Make in India’ vision, offering globally competitive and affordable products.
Dr. Ravi Kumar Meruva, Chairman and Founder of Sensa Core, said the company is entering a new phase focused on advanced manufacturing, automation, and a broader range of point-of-care diagnostics. He noted that local manufacturing at scale is critical to improving affordability and healthcare access.
Sensa Core was advised by Veda Corporate Advisors on the transaction. The deal positions the company to emerge as a globally competitive Indian medical device manufacturer, at a time when domestic capability building has become a strategic priority.
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