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Investcorp closes Rs 323-crore funding round in NephroPlus

The latest transaction will see Sea-Link Capital Partners, the investment firm founded by former KKR senior executive Heramb Hajarnavis, score an exit from its three year-old investment.

, ET Bureau|
Updated: Nov 25, 2019, 06.25 PM IST
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NephroPlus also counts venture capital firm Bessemer Venture Partners and International Finance Corp, the private market investment arm of the World Bank, among its list of investors.
NEW DELHI: Global alternative asset manager Investcorp has closed an estimated $45 million (about Rs 323 crore) funding round in dialysis services provider NephroPlus, in the process, providing an exit to one of the Hyderabad-headquartered company’s existing investors.

The latest transaction will see Sea-Link Capital Partners, the investment firm founded by former KKR senior executive Heramb Hajarnavis, score an exit from its three year-old investment. SeaLink is reported to have invested about Rs 90-100 crore in the company.

NephroPlus also counts venture capital firm Bessemer Venture Partners and International Finance Corp, the private market investment arm of the World Bank, among its list of investors.

Proceeds from the latest round of funding will see NephroPlus expand in its home market, as well as establish its footprint overseas, including in the Middle East and South East Asia. “It’s been a company that we’ve been following from the sidelines for some time now. In terms of breadth and width of delivery, NephroPlus has, possibly, the largest reach in India. We think, given our experience in healthcare globally, there are a lot of areas where we can add value,” Gaurav Sharma, co-head of private equity at Investcorp India said.

Nephroplus, which claims to undertake about 2 million treatments a year, was founded in 2010 by former McKinsey executive Vikram Vuppala and Kamal Shah. The company, which works on a revenue-sharing model, has tied up with a number of the country’s top hospitality and medical establishments, including, Max, Medanta and FMRI, among others.

“While we will keep investing and cementing our position in India, we want to figure out 4-5 markets over the next few years, where significant value and impact can be created, such as Indonesia, Philippines and Vietnam,” Vuppala told ET, adding the company will be setting up joint ventures and signing operations and maintenance partnerships.

The investment is the latest by Investcorp, which had acquired the private equity and real estate investment management businesses of IDFC Alternatives earlier this year, and had closed its India-dedicated fund at Rs 1,000 crore that will primarily look for best in the healthcare, financial services and mass market consumer sectors, in July.

The Bahrain-domiciled alternative asset management firm, which counts Mubadala Investment Co, the sovereign wealth fund of the AbuDhabi, and manages assets of about $28 billion as of June 30, has backed about seven companies so far in India.

Its portfolio currently includes non-banking financial company InCred, co-living startup ZoloStays, eye care hospital chain ASG Eye Hospitals, value apparel retailer Citykart, spices maker Intergrow Brands and online fashion retailer Bewakoof.

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