Medsource taps EY for funding

The company had last raised about ₹35 crore from private equity firm Xponentia Capital Partners in 2021

- Priyamvada C

Faridabad-based Medsource Ozone Biomedicals, an in-vitro diagnostics instruments and reagents manufacturer, has hired the Big 4 audit firm EY as an advisor to explore capital-raising options to fund its expansion, said two people familiar with the matter.

"The company may look to raise about ₹300-400 crore, and the promoters may liquidate some stake for the incoming investor," one of the people cited above said. The company plans to reach the ₹500 crore revenue mark over the next 3-4 years, this person said.

"While the exact deal structures are yet to be decided, this is part of the company’s larger plans to operate as a professionally run institution," the second person said. Both people spoke on the condition of anonymity as details are private.

Medsource did not respond to Mint’s emailed queries, while EY declined to comment.