Tata Capital Healthcare Fund III and Swiss investor Blue Earth Capital have committed $30 million to Tenet Diagnostics, supporting its expansion across India as private equity interest in diagnostics continues to grow amidst demand for faster, more accurate testing services.
Tata Capital Healthcare Fund and Swiss investor Blue Earth Capital have put $30 million into Tenet Diagnostics, marking one of the early investments from Tata Capital Healthcare Fund III. The deal gives the investors an undisclosed equity stake in the diagnostics company, which has been building a national network of radiology and pathology services in India.
Tenet, founded in 2018, has positioned itself as an integrated diagnostics platform with more than 35 centres across 14 states, alongside a pan-India B2B laboratory network and a menu of more than 3,000 specialised tests. The company said the new capital will help it expand further across India, strengthen its business-to-business network and pursue acquisitions.
The investment comes as private equity interest in healthcare remains strong, especially in diagnostics, where larger chains are pushing into smaller cities and tier-2 and tier-3 markets. According to Tata Capital Healthcare Fund, the appeal lies in a category increasingly shaped by consumer demand for faster, clearer and more accurate testing.
Visalakshi Chandramouli, managing partner at Tata Capital Healthcare Fund, said Tenet had built one of the country’s fastest-growing integrated diagnostics platforms under Sricharan Devineni’s leadership. She described the business as disciplined and backed by strong accreditation, with a balance between B2B and consumer-facing services. Devineni said the proceeds would be used to deepen Tenet’s presence across the country.
Tata Capital Healthcare Fund III reached its first close on 20 February 2026. The firm has previously backed companies including Harsoria Healthcare, Orbicular Pharmaceutical Technologies, Noble Plus, Atulaya Healthcare and Anderson Diagnostic Services. The latest deal also fits a broader trend in which listed diagnostics groups such as Metropolis Healthcare and Dr Lal PathLabs are targeting expansion beyond major cities while seeking national scale.
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