India Life Sciences Fund II has invested Rs 92 crore ($15 million) in New Delhi-based Comprehensive Prosthetics and Orthotics (CPO), which makes artificial limbs, and Hyderabad-based medical devices manufacturer Relisys Medical Devices.
The fund has invested Rs 60 crore in CPO and the rest Rs 32 crore in Relisys. HariBuggana, managing director of InvAscent, investment advisor to India Life Sciences Fund II and CPO, confirmed the news while calls made to Relisys did not elicit a response.
India Life Sciences Fund II raised Rs 865 crore last year to invest in mid-market companies in healthcare services, pharmaceuticals and medical technology.
Relisys is involved in development, manufacturing and commercialisation of medical devices to treat life-threatening diseases including cardiovascular, peripheral vascular, neurovascular (stroke) and structural heart disease. It is an integrated manufacturing facility with a built up production area of 35,000 square feet. The firm makes some of the cheapest stents for treatment of narrow or weak arteries. The firm has its origins in KalamRaju, a low cost stent, being developed with help of former President APJ Abdul Kalam.
VinodBhanti is chairman of CPO and has over 45 years of experience in prosthetics and orthotics. He has graduated from Patna Medical College as a Prosthetic and Orthotics Engineer. He is founder member of Orthotic Prosthetic Society of India.
CPO is an independent private practice accredited by the American Board for Certification in Orthotics, Prosthetics, and Pedorthics. The firm has centres in Hyderabad, Pune, Jalandhar, Jaipur, Noida and Gurgaon. It began its operations in the US in 2005.
The firm currently has 20 clinics in the US and six in India. With the current round of funding, it aims to open over 60 clinics across India in the next one year. The firm also has some over-the-counter retail products including knee caps, ankle braces among others. The funding will be utilised to expand the existing chain of products.