Tenet Diagnostics gets $30M from Tata Capital, Blue Earth

Hyderabad-based Tenet Diagnostics has raised about $30 million (Rs 287 crore) from Tata Capital Healthcare Fund III and Blue Earth Capital AG for an undisclosed equity stake. The investment, announced on Monday, is one of the first deals from Tata Capital Healthcare Fund III after its first close earlier this year. Tenet, founded in 2018 by Sricharan Devineni, operates more than 35 radiology and pathology centres across 14 states and offers over 3,000 super-speciality tests via a pan-India B2B network.

Tata Capital Healthcare Fund managing partner Visalakshi Chandramouli said diagnostics is becoming a consumer-driven category where patients value speed, transparency and accuracy. She said Tenet had built one of India's fastest-growing integrated diagnostics platforms with a balanced B2B-B2C mix. Tenet plans to use the capital to deepen its presence in existing markets, strengthen its B2B network and pursue strategic acquisitions, as healthcare chains consolidate and expand into tier 2 and tier 3 cities.

Veda Corporate Advisors was the exclusive financial advisor to Tenet Diagnostics and its shareholders on the transaction.