Jashvik Capital, an India-based private equity firm, has acquired a minority stake in Futura Surgicare, a Bangalore-based medical products, consumables and devices player, stated a press release.
Established in 1994 by A.D. Setty, Futura Surgicare is a leading Indian manufacturer of wound closure and surgical consumables and devices. The company has nearly 400 employees and a manufacturing facility in Bangalore.
It sells its products in 10,000 hospitals in India across 26 states and has regulatory authorizations to sell its products in 70 countries globally.
The Indian medical devices opportunity is large and growing – roughly $11.25 Bn of domestic demand and $3 Bn of global demand that can be serviced from India. Historically, this industry has grown at 10% and is likely to further accelerate as Indian healthcare providers focus on India-made high quality products and global supply chains reorient themselves, it said.
AD Shetty, Founder & Promoter of Futura, said, “With Jashvik as partners, we are motivated about pursuing our vision to deliver best-in-class medical devices at affordable prices to customers across India and international markets.”
He added, “as the healthcare systems around the world reorient their supply chains post Covid, India has a big opportunity to help meet the needs of the world. We are excited about this opportunity to play a role in this generational shift”.
“We are very impressed with Futura’s singular focus on product quality and innovation, stickiness of a discerning customer base, and high standards of corporate governance”, said Naresh Patwari, Founder & Managing Partner of Jashvik Capital.
