Motilal Oswal Alternates has acquired a significant minority stake in Hyderabad-based Sensa Core Medical Instrumentation for $72 million (approximately ₹645 crore). The investment will accelerate product development, global expansion, manufacturing automation, and the commissioning of a new facility at Hyderabad’s Medical Device Park strengthening India’s push for indigenous IVD solutions amid heavy import reliance.
Glimpse:
Founded in 2006 by Dr. Ravi Kumar Meruva, Sensa Core specializes in in-vitro diagnostic (IVD) devices, including electrolyte analysers (dominant in over 40,000 Indian facilities), glucometers, haemoglobin meters, and arterial blood gas analysers. With exports to 78+ countries, the fresh capital supports R&D-led growth, capacity expansion, and point-of-care innovation, aligning with ‘Make in India’ goals to reduce India’s >75% medical device import dependency (annual imports >$8.5 billion).
Motilal Oswal Alternates, the private equity arm of Motilal Oswal Financial Services, has invested $72 million for a significant minority stake in Sensa Core Medical Instrumentation Pvt. Ltd., a leading Hyderabad-based innovator in in-vitro diagnostic (IVD) devices. Announced on December 22, 2025, this strategic infusion marks a major vote of confidence in India’s emerging medtech champions and supports the company’s next phase of growth in a sector where domestic manufacturing remains underdeveloped.
Sensa Core, bootstrapped since its inception in 2006 by Dr. Ravi Kumar Meruva (an expert in electrochemistry and medical technology), has grown into a market leader in electrolyte analysers installed across more than 40,000 hospitals and diagnostic laboratories in India. The company also ranks among the top Indian players in glucometers and haemoglobin meters, and has recently expanded into arterial blood gas analysers. Its products are exported to over 78 countries, showcasing strong global competitiveness.
The investment will fuel product innovation (especially point-of-care devices), advance manufacturing automation, and enable the commissioning of a new facility at the Medical Device Park in Sultanpur, Hyderabad building on its existing GMP-compliant plant in the Export Promotion Industrial Park, Pashamylaram. This capacity boost aims to drive affordability through large-scale local production and meet rising demand for high-quality, cost-effective diagnostics.
India’s medical device market remains heavily import-dependent, with over 75% of devices sourced externally and annual imports exceeding $8.5 billion. This funding underscores the potential for homegrown players like Sensa Core to lead in reducing this gap, promoting ‘Make in India’ exports, and enhancing healthcare access through indigenous innovation.
Motilal Oswal Alternates, which manages ~$3.1 billion in private equity and real estate assets, continues its focus on R&D-driven life sciences companies poised for global leadership.
Here are visuals of Sensa Core’s diagnostic analyzers, point-of-care devices, and manufacturing excellence:
“Sensa Core exemplifies India’s new era of homegrown medical device champions, driven by rising demand for high-quality, affordable and globally competitive products.”
By
HB Team
