Hyderabad, December 22, 2025: Motilal Oswal Alternates is pleased to announce a significant minority investment of USD 72 million in Sensa Core, an innovation driven medical devices’ company focused on advancing healthcare technology in India. This partnership underscores our commitment to support indigenous healthcare solutions that promise to transform patient outcomes.

Founded in Hyderabad in 2006, Sensa Core is engaged in design (IP-driven), development, manufacturing and distribution of specialized in-vitro diagnostic devices. Started as a fully bootstrapped venture, the Company has evolved into a market leader in Electrolyte Analysers, achieving wide adoption across more than 40,000 hospitals/diagnostic labs in India and exports to over 78 countries. Sensa Core is also one of the leading Indian players in Glucometers, Haemoglobin meters and has recently forayed in Arterial Blood gas Analysers. The Company operates a dedicated manufacturing facility in Hyderabad’s Export Promotion Industrial Park, Pashamylaram and will be commissioning a new manufacturing facility in Medical Device Park, Sultanpur, Hyderabad to augment capacity & build capability for new products.

The Company is founded by Dr. Ravi Kumar Meruva, Ph.D., and a technocrat entrepreneur with deep domain expertise and 30+ years of experience in electrochemistry, system design and applied medical technology. The investment will enable Sensa Core to accelerate product development and expand its footprint globally, further strengthening its position as one of the leading players in the IVD segment.Top of Form

Commenting on this announcement, Mr. Rohit Mantri, Managing Director and Co-Head of Private Equity at Motilal Oswal Alternates said, “India imports over 75% of its medical devices, with annual imports exceeding USD 8.5 billion. We firmly believe in fostering indigenous development and manufacturing in India for local needs and for ‘Make in India’ exports to the world . Sensa Core exemplifies India’s new era of homegrown medical device champions, driven by rising demand for high-quality, affordable and globally competitive products. Under Dr. Meruva’s leadership, the Company has been built on deep technical expertise, a strong R&D mindset and an innovation culture to turn scientific insights into commercial successes. With this investment, Motilal Oswal Alternates continues to back high-quality companies in the life sciences’ space, especially R&D-led medical device innovators that are set to lead different categories worldwide.”

Dr. Ravi Kumar Meruva, Chairman & Founder, and now Managing Director of Sensa Core said, “We are excited to enter the next phase of product innovation – advancing manufacturing automation while driving the conceptualization and execution of a diverse portfolio of point-of-care products. Built on deep expertise in electrochemistry and bio-analytical transducers, Sensa Core brings together industrial design, mechanical, electrical, electronics, software, and chemistry disciplines under one roof to create integrated, high-quality solutions. With a strong focus on expanding access to healthcare, we believe affordability can be achieved through local manufacturing and large-scale production. The investment from Motilal Oswal Alternates reinforces confidence in our vision. Their commitment to supporting India-first companies with global ambition aligns strongly with our mission, and this partnership positions Sensa Core to evolve into a global institution of excellence.”

Sensa Core was advised by Veda Corporate Advisors on the transaction.