Matrix Partners India today announced that it has picked up minority stake in TechMed, a Hospital Lab Management pathology chain based out of Chennai. TechMed is a Hospital Lab Management pathology chain in South India. It was co-founded in 2009 by Dr. T.G. Rajaramanan and Dr. Wasim Mohideen.
TechMed aims to provide faster and accurate pathology test results within hospital premises at affordable costs while eliminating operational and commercial hassles for hospital management. It has partnered with hospitals across South India to provide testing services for patients within hospital premises. Each HLM center in the hospital is supported by a proximate state-of-the-art mother center to provide results for a wide array of tests quickly. TechMed currently has 30 HLM and collection centers across South India and two ‘state-of-the-art’ mother centers to support the HLMs for high-end tests.
“As a budding surgeon, I saw that getting reliable tests quickly at the hospital doorstep is a hassle. In addition, retaining manpower was tough, and training them tougher. Hospitals mostly outsourced high-end tests affecting both commercials and turnaround time. My desire to find a commercial, operationally viable solution led me to the HLM model. Joining hands with Matrix Partners India is an important milestone in our journey”, said Dr. T.G. Rajaramanan, Founder and Managing Director of TechMed.
Dr. Wasim Mohideen, Dr. Masood Ikram and Mrs. Mohana Pillai lead operations along with Dr. Rajaramanan in a team full of young, passionate doctors. TechMed is currently ramping up its human capital in both clinical and non-clinical domains. The chain plans to expand its operations to over 300 centers in South and East India in the next two years, and subsequently a pan India presence.
Asish Mohapatra, Director, Matrix India said, “We found Dr. Rajaramanan’s vision inspiring and believe TechMed provides a win-win solution for hospitals and patients alike. Pathology has tremendous growth potential and TechMed’s innovative business model suitably complements our growing healthcare portfolio.” This is the sixth investment for Matrix India in the healthcare sector. Earlier, the firm has invested in other healthcare companies like Centre for Sight, Cloudnine , Mewar Ortho, Enhance and Meditrina.