Tenet Diagnostics Raises $30 Million from Tata Capital and Blue Earth Capital

Hyderabad-based Tenet Medcorp Private Limited, which operates diagnostic chain Tenet Diagnostics, has raised approximately $30 million (around Rs 287 crore) in fresh funding from Tata Capital Healthcare Fund III and Switzerland-based Blue Earth Capital AG.

The companies announced on Monday that the investment was made for an undisclosed equity stake in the diagnostics firm. The transaction marks one of the earliest deployments from Tata Capital Healthcare Fund III, the healthcare-focused private equity fund of Tata Capital Ltd, following its first close earlier this year.

Founded in 2018 by Sricharan Devineni, Tenet Diagnostics currently manages more than 35 radiology and pathology centres spread across 14 states. In addition to its retail centres, the organisation operates a pan-India business-to-business (B2B) laboratory network that delivers more than 3,000 super-speciality medical tests.

The diagnostic chain provides a comprehensive range of healthcare services across pathology, radiology, and nuclear medicine. Its technological offerings include PET-CT, MRI, cardiac CT, ultrasound, mammography, and advanced laboratory testing solutions.

According to Tenet, the newly raised capital will be deployed to deepen the company's operational presence across existing markets, enhance its B2B network capabilities, and pursue strategic acquisitions as the broader healthcare sector consolidates and expands further into tier 2 and tier 3 markets.

Commenting on the fundraising, Tenet Diagnostics founder and managing director Sricharan Devineni stated that the partnership and investment will help accelerate the firm's overall growth trajectory by expanding its footprint across India.