Matrix Partners India invests in TechMed

Chennai, India – December 9, 2013: Matrix Partners India today announced that it has picked up significant minority stake in TechMed, a Hospital Lab Management (HLM) pathology chain based out of Chennai. TechMed 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. Dr. T.G. Rajaramanan, a general surgeon, started Techmed in 2009.

“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.
“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”, said Asish Mohapatra, Director, Matrix India.
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. 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. 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.
About TechMed:
TechMed is an exclusive “Hospital Lab Management” (HLM) pathology chain in South India. Dr. T.G. Rajaramanan started TechMed along with co-founder Dr. Wasim Mohideen in 2009. It aims to provide faster and accurate pathology test results within hospital premises at affordable costs while eliminating operational and commercial hassles for hospital management. Headquartered in Chennai, TechMed has a large network of HLMs that are supported by ‘state-of-the-art’ standalone mother centers (starting with Chennai and Bangalore). Highly trained pathologists and technicians are enabled with technology and efficient operating systems to ensure quick turn around and high quality of reports. TechMed conducts wide array of tests pertaining to pathology, biochemistry, microbiology, immunology, histopathology and hematology. Further information is available at www.techmedhealthcare.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. In healthcare, the firm has invested in several market leading companies/ chains like Centre for Sight (eye care), Cloudnine (maternity and infant care), Mewar Ortho (orthopedic care), Enhance (cosmetology) and Meditrina (interventional cardiology). It has also invested in other leaders like Mswipe (mobile POS), Muthoot Finance (gold loan NBFC), Quikr (online classifieds), TreeHouse Education (preschools), U2opia (social mobile apps), Verse/ NewsHunt (vernacular mobile platform) and W (women’s ethnic wear) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in