- Accumax Lab Devices Pvt. Ltd (“Accumax”), a leading provider of lab equipment and consumables, has raised its first private equity funding of $68 million (around Rs. 520 crore) from Creador and InvAscent.
- Incorporated in 2003 by Chiragbhai Shah and Tejas Shah, Accumax is an Ahmedabad-based Laboratory equipment and consumables manufacturer with presence in Germany as well.
- Accumax is one of the largest producers of liquid handling products globally. It supplies to hospitals, universities and laboratories in over 130 countries across the world.
- Company’s exclusive product basket has over 2300 SKUs which includes pipettes (a specialized liquid transfer tool used in diagnostics and biomedical research), pipette controllers, bottle top dispensers, tubes, polymerase chain reaction (PCR) consumables and tips.
- InvAscent provides private equity growth capital to companies in the Indian pharmaceutical, healthcare, animal health and medtech industries. It is currently investing out of its third fund where it has made 10 investments till date.
- Creador invests across India and Southeast Asia and has floated its fifth fund. It recently exited Corona Remedies by sale to ChrysCapital, generating a 3.7x multiple and 32% IRR.
- Accumax will use the capital to expand its global presence in the lab equipment and consumables segment organically as well as through acquisitions.
- Accumax offers end-to-end, computer-aided engineering and design service with capacities around prototyping, testing and certification, electronics, software, and manufacturing methods including 3D printing. Customized design and production services are also available, both technically and with respect to branding; equipment can be shaped, coloured, and logoed to order.
- Global medical devices market is estimated to be $500 Billion in 2022 and is expected to grow at 5.5% CAGR in coming 5 to 6 years.
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