SMT (Sahajanand Medical Technologies), India’s biggest manufacturer of cardiac stents in India has successfully raised Rs. 230 crore in funding round that was led by Morgan Stanley Private Equity Asia. Other participants included Samara Capital, an existing investor.
SMT manufactures minimally invasive coronary stents, rental stents, PTCA balloon catheters and other cardio vascular accessories. The company exports their devices across the globe to countries like the UK Spain and over 60 other nations.
These funds will now be used to finance SMT’s agenda of growth which will include organic growth, synergistic acquisitions and a more proactive research and development program for the expansion of its already burgeoning portfolio.
Managing Director of SMT Bhargav Kotadia spoke of his joy of partnering with a high profile investor of the pedigree of Morgan Stanley Private Equity Asia. He also spoke about his company’s ambition to be the global leader in their field of cardiovascular devices. He revealed that the proceeds of the investment round will go towards a project to assist their goal of building a 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.” Kotadia was quoted saying.