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Company Company Type
Industry
Sector Amount(US$M)
Round Stage
Investors
Investor Type Stake (%)
Date
Website City
Region
Advisors-Company
Advisors-Investors
More Information
Link
Company Valuation-Equity - Post Money (INR Cr) Revenue Multiple(based on Equity
Value/Market Cap)
EBITDA Multiple(based on Equity Value) PAT Multiple(bas
ed on Equity Value)
Valuation
Link for Financials
Alivira Animal Health Unlisted
Healthcare & Life Sciences
Pharmace
uticals (Animal Health) 20.00 1
Growth Ascent Capital India-dedicated
21.05 April-2014
Mumbai West
ALMT Legal(L) INR 120Cr Investment via Ascent India Fund III Pricing details: Equity = FV Rs.10; Iss
ue price Rs.85.14 CCPS = FV Rs.100; Issue price Rs.100 Issue of 300,000 equity
shares and 11,744,580 CCPS to Ascent Capital Alivira Animal Health is a joint
venture between publicly-held companies SeQuent Scientific and Shasun Pharmaceu
ticals. Alivira makes and sells veterinary API (Active Pharmaceuticals Ingredien
ts) and formulations in the global market. SeQuent owns 73% of the JV and Shasun
, the remaining 27%. The board of Alivira has submitted a three-year business pl
an to Ascent based on which the stake will be decided post that time-frame based
on whether the JV meets the targets. Vikram Narula and Pramod Kabra of India V
alue Fund have joined the board in April 2014. http://bit.ly/1hWYyDE; http://bi
t.ly/RutVke
570.00 3.16
23.95
Valuation Multiples base
d on H1FY14 Financials of Veterinary API business of SSL.
Arcadia Biosciences
Unlisted
Biotech
(Agri-Biotech) 30.00 4
Late
Mandala Capital Fund India-dedicated
May-2014
http://www.arcadiabio.com
Davis, CA (USA) Overseas
Piper Jaffray(T)
Mandala led the $33 M Series D investment with a
$30 M contribution. Nine existing investors, including CMEA Capital, BASF Ventu
re Capital and Saints Capital, also participated in the round. The latest round
takes the total equity capital raised by Arcadia to $101 million. Arcadia plans
to use proceeds from the financing to accelerate the development and commercial
launch of products.
http://www.arcadiabio.com/news/press-release/arcadia-bio
sciences-raises-33-million-series-d-investment
Aster DM Healthcare
Unlisted
Hospital
s
66.40 3
Late
India Value Fund, Olympus Capital
Co-Inves
tment 5.00
May-2014
http://asterdmhealthcare.com/ Kochi South
Veda Corporate Advisors(T),Universal Legal(L) DSK Legal(L),Desai & Diwanji(L)
INR 400 Cr The deal will see Olympus and IVF increase their stakes in Aster DM H
ealthcare to 42% from the current 37%. The company will be using the funds for o
rganic expansion in India and the Middle East.
http://timesofindia.indi
atimes.com//articleshow/34708006.cms
7600.00
Aurowell Health Systems Unlisted
Clinics
(Eye Care)
0.50
1
Early
Lok Capital
India-dedicated 67.00
December-2014
Madurai South
INR 3-Cr Lok Capital via
Lok Capital II LLC invested INR 3-Cr by subscribing to compulsorily convertible
debentures. Pricing details: CCD = FV Rs 10; Issue price Rs 10. Allottment of
30,00,000 CCDs to Lok Capital II. CCDs carry a coupon of 10 % per annum. Venky
Natarajan of Lok Capital has joined the board. Target Co reported a net loss of
INR 36 lakhs in FY14 compared to INR 30 lakhs in FY13.

4.50
Beloorbayir Biotech
Unlisted
Nutraceu
ticals 12.51 1
Late
Rabo Equity
India-dedicated
March-20
14
http://www.bayirextracts.com/beloor_bayir.html Bangalore
South
Citadel Management Consulting(T)
INR 75Cr Investment via India Ag
ribusiness Fund. Target supplies key ingredients to global nutraceutical, food,
beverage and pharmaceutical makers. Beloorbayir will use the funds to scale up i
ts production capacity, research and development and hire talent.
Suneet Gupt
a and Rajesh Srivastava of Rabo equity have joined the board. http://bit.ly/1l
xHvzB
Ben Franklin
Unlisted
Opticians
6.50
1
Growth Ventureast, Asian Healthcare Fund
Co-Investment
February-2015 http://www.benfranklin.in/
Hyderabad
South
INR 40 crores. Target Co Name = Eyegear Optics India Pvt Ltd The firm, which has
over 180 stores in 13 states, will use the funding to expand its operations, hi
re talent and also explore online retailing. The First Ben Franklin store opene
d in Hyderabad in September 2008.
http://epaperbeta.timesofindia.com/Artic
le.aspx?eid=31815&articlexml=Asian-Healthcare-Fund-Ventureast-Invest-Rs-40-cr-03
022015012019
Chase Pharma
Unlisted
Pharmaceuticals
1.50
1
Early
Cipla New Ventures
India-dedicated 14.60 May-2014
http://www.chasepharmaceuticals.com/
Washington, D.C.
Overseas
Chase Pharmaceuticals is an early stage drug development company. Cipla has inve
sted through its UK subsidiary, Cipla (EU) Ltd. Cipla will invest another $4.5
million in Chase on the achievement of certain milestones. In addition to finan
cing Chase, Cipla will collaborate with it to develop the drug.
http://b
it.ly/QLH333; http://bit.ly/RBs9NB
61.50
Condis Healthcare
Unlisted
Hospital
s
18.80 2
Growth-PE
OrbiMed, Ascent Capital, Others
Co-Investment 31.00 May-2014
Trivandrum
South
INR 110 Cr Orbimed, via Orbimed Asia Mauritius Ltd, invested INR 50 Cr Ascent Ca
pital, via Ascent India Fund III, invested INR 50 Cr Others invested INR 10 Cr
Pricing Details Series B CCPS FV=Rs 10, Issue Price=Rs 80 First tranche - Issu
e of 4750000 Series B CCPS each to Orbimed and Ascent Capital amounting to a tot
al of INR 76 Cr. Second tranche - Yet to happen Others - Promoters
322.00 32.88 81.17 87.09 Valuation multiples based on FY14 financials
Cura Healthcare Unlisted
Medical Devices
(Radiology Equipment) 6.00
2
Buyout Peepul Capital India-dedicated
June-2014
http://www.cura.in/
Chennai South
With the
new funding, the company intends to enter critical care, healthcare information
technology and nuclear medicine segments, besides manufacturing top-of-the-line
mobile computer radiography systems that offer high-quality x-rays at the bedsi
de of patients. http://bit.ly/1lb2aDG
Curatio Healthcare
Unlisted
Pharmace
uticals (Dermatology) 15.25 2
Late
Sequoia Capital India India-de
dicated 33.36 November-2014 http://www.curatiohealthcare.com/
Chennai
South MAPE(T),AZB & Partners(L),J Sagar Associates(L) Khaitan & Co.(L),Themis
Law Associates(L)
Sequoia Capital India is reportedly investing INR 95 cro
re for a 33.36% stake including via a primary and secondary infusion. http://t
imesofindia.indiatimes.com/articleshow/45154100.cms
Cygnus Medicare Unlisted
Hospitals
10.00 2
Early
Fidelity Growth Partners, Somerset Indus Capital Partne
rs
India-dedicated
October-2014
http://www.cygnusmedicare.com/
Delhi North
J Sagar Associates(L),Economic Laws Practice(L) INR 50 C
r from new investor Fidelity and existing investors Somerset Indus Healthcare Fu
nd I Limited and Lotus Management Solutions through purchase of Series B compuls
orily convertible preference shares. The aggregate stake held by Fidelity, Somer
set and Lotus post closing is approximately 53.6%. Fidelity will reportedly ac
quire an about 28% stake, valuing the company an about INR 180 Cr. Target operat
es a chain of super specialty hospitals in Delhi and Haryana. The company plans
to open 10 more hospitals in the next two years in Haryana, Punjab and eastern R
ajasthan.
http://articles.economictimes.indiatimes.com/2014-10-18/news/551
72786_1_fidelity-growth-partners-india-small-towns-rs-60-crore
DCDC Health Services
Unlisted
Hospital
s (Renal Care) 4.30
1
Early
Pragati Fund India-dedicated
August-2014
Delhi North
Khaitan & Co.(L)
Target o
perates a network of kidney dialysis centers in Delhi.
Denty's Unlisted
Clinics (Dental)
4.50
1
Early
Helion Ventures
India-dedicated
May-2014
http://www.dentys.com Hyderabad
South
INR 27 Cr Co Nam
e = Today's Healthcare India Private Limited Target, which has 10 clinics in An
dhra Pradesh and Tamil Nadu, will use the funds to increase the number of centre
s to 150 across the country in next five years. http://economictimes.indiatimes.
com/articleshow/34659283.cms
Eye-Q Unlisted
Clinics (Eye Care)
10.00 4
Growth IFC, Helion Ventures, Nexus Ventures, Song Advisors
Co-Investment
November-2014 http://www.eyeqindia.com/
Gurgaon
North
INR 60 crore equity investment led by IFC with participa
tion from existing investors. IFC to invest INR 34 crore.
http://ifcext.if
c.org/ifcext/spiwebsite1.nsf/651aeb16abd09c1f8525797d006976ba/5cf7ed44f59d500c85
257d85005d7403?opendocument
Hearing Plus
Unlisted
Clinics (Audiolo
gy and Speech Therapy) 4.00
1
Early
Matrix Partners India India-de
dicated 33.00 August-2014
http://hearingplus.in/ Kolkata East
INR 24.70 Cr Investment via Matrix Partners India Investment Holdings II, LLC P
ricing details: Equity = FV Rs.100; Issue price Rs. 9,740.44 CCPS = FV Rs.100; I
ssue price Rs. 9,740.44 On Aug 06, 2014, issue of 100 equity shares and 25259 p
reference shares to Matrix Partners India The company created ESOP Pool which wo
uld constitute 2% stake of the company Target Name = Bengal Speech & Hearing Ai
d Pvt Ltd Target is an audiology and speech therapy chain in East India. The co
mpany has 15 clinics in East India and plans to expand to 100 clinics across Ind
ia.
http://www.matrixpartners.in/press_detail.php?id=102 ; http://www.thehin
dubusinessline.com/news/bengal-startup-gets-25cr-funding/article6611951.ece
74.85 3.74
53.46
Valuation Multiples based on FY14 Financials.
(Hyginex)
Unlisted
Medical Devices
(Wearable Device - Hand Hygiene Alerts)
Early
Persist
ent Venture Fund
India-dedicated
March-2014
http://www.hygin
ex.com/ Los Angeles, CA (USA) Overseas
Hyginex has deve
loped a patented wristband-based technology focused on helping healthcare worker
s on hand hygiene programs. Its system provides accurate data on both hand rub d
uration as well as frequency - elements essential during hand disinfection to ki
ll and stop the transmission of pathogens.
http://www.bseindia.com/xml-data
/corpfiling/AttachHis/Persistent_Systems_Ltd_240314.pdf
ILS Hospitals Unlisted
Hospitals
6.50
Late
BanyanTree Growth Capital
November-2014 http://www.ilshospitals.com/
Kolkata East
INR 40 Cr Pricing Details: Equity Shares FV = Rs 10, Issue Price = 30.30 CCPS F
V = Rs 10, Issue Price = Rs 10 Issue of 500 Equity Shares and 40000000 CCPS to
II. Target Co Name = GPT Healthcare Pvt. Ltd. Target
BanyanTree Growth Capital
operates a chain of three hospitals - in Kolkata, Agartala and Dumdum - under t
he brand name ILS Hospitals. BanyanTree will have a representative on the GPT Bo
ard.
94.00 1.40
79.30
Revenue and EBITDA multiples bas
ed on FY14 financials. PAT multiple is not meaningful.
Intas Pharmaceuticals Unlisted
Pharmace
uticals 144.00 3
Late
Temasek
Foreign 10.16 June-2014
http://www.intaspharma.com
Ahmedabad
West
J Sagar Associates(L),Wa
dia Ghandy & Co.(L)
Khaitan & Co.(L)
INR 880 Cr. Sale of 10.16% equit
y shares held by ChrysCapital unit Mozart Limited in Intas Pharmaceuticals Limit
ed to Dunearn Investment Mauritius Pte Limited, a unit of Temasek. R.Venkatesh
, Director, Temasek joined the Intas Pharma board. While JSA was the legal advi
sor to Intas Pharmaceuticals Limited, ChrysCapital was represented by Wadia Gh

andy & Company, Bangalore. Temasek was represented by Khaitan & Co. Mumbai.
http://www.livemint.com/Companies/vukwTEqpl8BgRmG7FuSsZO/Temasek-buys-1016-stake
-in-Intas-Pharmaceuticals.html
8800.00
Ipca Laboratories
Listed Healthcare & Life Sciences
Pharmaceuticals
18.87
PIPE
ChrysCapital India-dedicated 1.31
December-2014
http://www.ipcalabs.com/
Mumbai West
ChrysCapital, vi
a Lavender Investments Limited, has acquired an additional 1,660,773 shares in I
pca Laboratories during Oct - Dec 2014. The firm, via Lavender Investments Limit
ed, held 4,989,773 shares (3.95%) at the end of Dec 2014, compared to 3,329,000
shares (2.64%) at the end of Sep 2014. Assuming an average price of INR 707.5 pe
r share, the additional investment would have cost Chrys INR 117.5 Cr.
Jubilant Pharma Unlisted
Pharmaceuticals
60.00 1
Growth-PE
IFC
Foreign
May-2014
http://w
ww.jubl.com
Singapore
Overseas
IFC has proposed
to invest a quasi-equity investment of $60 million in Jubilant Pharma Limited (
JPL), Singapore, a wholly owned subsidiary of publicly listed pharma company Jub
ilant Life Sciences (JLS). IFC will also arrange a financing package of up to $2
00 million, including a loan of $50 million, as the company plans to consolidate
its pharmaceutical business under JPL. Under the Project, JLS will consolidate
its pharmaceutical business under JPL, which primarily involves a transfer of In
dian pharmaceutical assets of JLS to JPL. This financing package will help JLS t
o decouple its pharmaceutical business from its life science ingredients (LSI) b
usiness and enhance shareholder value. http://bit.ly/1hE9nfu
Kama Ayurveda Unlisted
Pharmaceuticals
(Alternative Medicine - Ayurveda)
1.82
1
Late
Lighthouse
India-dedicated 14.28 March-2014
https://www.kamaayurveda.com
Delhi
North
INR 11-Cr Investment via India 2020 Fund II Limited Pri
cing details: Equity = FV Rs.10; Issue price Rs. 66,026.41 Issue of 1,666 equit
y shares to Lighthouse William Sean Sovak, Co-Founder and Partner at Lighthouse
Advisors, has joined the board of the company.
77.03 8.55
KIMS Hospital Unlisted
Hospitals
39.00 2
Late
ICICI Venture, ICICI Bank
June-2014
http://kims.co.in
Secunderabad
South o3 Capital(T)
AZB & Partners(L)
INR 237 Cr. ICICI Ventures invested INR 217 Cr. ICICI B
ank (via Emerging India fund) invested INR 20 Cr. Jun14 - Issue of 228247 Equit
y Shares at an issue price of INR 1426 to ICICI Ventures. Oct14 - Issue of 27879
Equity Shares at an issue price of INR 1435 to ICICI Bank. The deal also invol
ves secondary purchase of shares from promoters and certain existing shareholder
s.
842.00 2.40
11.80
Revenue and EBIT
DA multiples based on FY14 financials. PAT multiple is not meaningful.
Laurus Labs
Unlisted
CRO (Drug Discov
ery Services) 92.00 2
Growth-PE
Warburg Pincus Foreign 32.29
May-2014
http://www.lauruslabs.com
Hyderabad
South Amarchan
d & Mangaldas(L),Desai & Diwanji(L),Jefferies & Co.(T) AZB & Partners(L)
INR 550 Cr Investment via BlueWater Investments Ltd Deal involved a combination
of primary infusion and secondary purchase of shares Pricing details: Series C
CCPS = FV Rs.10; Issue price Rs.722.30 PRIMARY INFUSION: (INR 300-Cr) Issue of
4,153,399 Series C CCPS to BlueWater Investments Ltd SECONDARY PURCHASE: (INR 2
50-Cr) Transfer of 163,242 Series B Preference shares and 3,731,383 equity share
s The company will use the primary funds to build two more factories besides t
he existing one in Visakhapatnam to boost its capacity to 1.4 million litres fro
m 800,000 litres. PE investor, Fidelity Growth Partners is to exit through a se
condary part of this transaction. Desai & Diwanji advised Fidelity Capital in th
e sale of its equity in Laurus Labs, which was advised by Amarchand Mangaldas, t
o Warburg Pincus which was advised by AZB & partners. Jefferies & Co. advised th
e company on the fund raising.
Niten Malhan from Warburg Pincus has joined t
he board of the company.
http://bit.ly/1nOISHQ ; http://bit.ly/1kaFpzc
1700.00 1.47
7.71
17.15 Valuation Multiples based on FY14 Financ
ials.
Leixir Lab Group

Unlisted
Diagnost
ics (Dental Labs)
1
Early
IvyCap Ventures
India-de
dicated
August-2014
http://www.leixirlabgroup.com Brea, CA
Overseas
Intellecap(T) K Law(L)
Target, which manages a full-ser
vice dental laboratories with a focus on Digital Dentistry in North America, has
raised a Series A round of funding from IvyCap Ventures.
http://bit.ly/1l
QtXeu
Lokmanya Hospitals
Unlisted
Hospital
s
4.11
1
Early
Tata Capital India-dedicated
March-20
14
http://www.lokmanyahospital.com/
Pune
West
INR 25 Cr Investment via Tata Capital Healthcare Fund-I and Beta TC Holdings Pt
e Ltd. Pricing details: CCPS = FV Rs. 100; Issue price Rs. 100 On Mar 18, 2014
, Issue of 2,053,000 CCPS to Tata Capital Healthcare Fund-I On Jul 16, 2014, Iss
ue of 447,000 CCPS to Beta TC Holdings Pte Ltd. CCPS Conversion ratio is unknow
n. Established in 2009, target is a chain of tertiary care hospitals in Maharas
htra with focus on trauma and cold orthopedic surgeries like knee & hip replacem
ent, arthroscopy and spine surgery. Target currently operates four hospitals in
and around Pune. Visalakshi Chandramouli of Tata Capital joined the target boar
d.
http://www.tatacapital.com/Private_Equity/HF_Portfolio.htm
MabPharm
Unlisted
Pharmaceuticals
(Biopharma)
2
Buyout Cipla New Ventures
India-dedicated
75.00 July-2014
http://www.mabpharm.com Salcete West
Meditab Specialities, a wholly owned subsidiary of pharma company Cipla, has acq
uired 75% stake in target. Mabpharm has become a 100% subsidiary of Meditab Spec
ialities.
http://bit.ly/1lkAZYm
Manipal Health Enterprises
Unlisted
Hospitals
150.00
Late
TPG Capital
Foreign 24.75 January2015
http://www.manipalhospitals.in/ Bangalore
South
Kotak(T)
,AZB & Partners(L)
INR 900 Cr. Investment via Singapore-based TPG Asia VI S
F Private Ltd. Target operates hospitals and clinics acoss South and West India.
Simultaneously to the investment, target proposes to acquire certain real estat
e assets from its group firm Manipal Health Systems Private Ltd.
http://t
imesofindia.indiatimes.com/articleshow/38835377.cms; http://www.cci.gov.in/May20
11/OrderOfCommission/CombinationOrders/C-2014-12-234.pdf;
Marico Kaya Enterprises Listed Healthcare & Life Sciences
Wellness (Skinca
re)
0.00
PIPE
Baring India, GIC
Co-Investment
June-2014
http://www.marico.com/
West
In Jun 2
014, Marico had demerged Kaya into a separate entity and listed it independently
on bourses as part of the company s business restructuring process.
Medanta Medicity
Unlisted
Hospital
s
113.50
Late
Temasek
Foreign 17.74 January-2015
http://www.medanta.org Gurgaon North S&R Associates(L)
INR 700
crore Temasek via Dunearn Investments (Mauritius) is to acquire about 8,601,979
shares from publicly listed Punj Lloyd Ltd in Global Health Pvt. Ltd, which owns
, manages and operates Medanta hospital.
http://economictimes.indiatimes.
com/articleshow/45934977.cms ; http://www.bseindia.com/xml-data/corpfiling/Attac
hLive/Punj_Lloyd_Ltd_190115.pdf
Narayana Hrudayalaya
Unlisted
Hospital
s
48.00 2
Late
CDC Group
Foreign
January-2015
http://www.narayanahospitals.com
Bangalore
South
AZB & Pa
rtners(L)
CDC has invested $48 million for a minority stake. The hospital
will use the funds to expand affordable treatment in Kolkata, Lucknow, Bhubanesh
war and Bangalore. Narayana Hrudayalaya (NH) is a multi-specialty healthcare pro
vider founded by the renowned cardiac surgeon Dr Devi Shetty in 2000. It has gro
wn to become the third-largest hospital chain in the country, with 29 hospitals
in 17 Indian cities. Employing over 12,500 people, NH undertakes more than 13,50
0 cardiac surgeries every year, accounting for 10% of the national figure. The c
ompany treats over 200,000 inpatients and 1.5 million outpatients each year. The
company also operates a large telemedicine network with 150 telemedicine centre
s including 50 in Africa.
http://www.cdcgroup.com/Media/News/CDC-makes-US4
8m-investment-in-low-cost-Indian-healthcare-company/
Nephroplus
Unlisted
Hospitals (Renal
Care) 10.00 3
Growth IFC, Bessemer Foreign 33.33 March-2014
http://www.nephroplus.com
Hyderabad
South Trilegal(L)
AZB & Pa
rtners(L),P&C Legal(L) INR 60 Cr Bessemer invested INR 18 Cr for 10% stake IFC
invested INR 42 Cr for 23.33% stake Pricing details: Equity Shares = FV Rs.10,
issue price Rs.696.33 0.001% Series B Preference Shares = FV Rs.10, issue price
Rs. 696.33 On May 19, 2014, Issue of 100 equity shares and 258396 preference s
hares to Bessemer Issue of 603158 preference shares to IFC Post this deal, Bess
emer holds 41.02% stake IFC holds 23.33 % stake Co. Name = Nephrocare Health S
ervices Private Limited Vishal Gupta of Bessemer joined the board.
http://b
it.ly/1g1B1oH
180.00 35.57
Revenue multiple is base
d on FY 13 financials. EBITDA & PAT multiples are not meaningful
Pawar Electro Systems Unlisted
Medical
Devices (Blood Banking Equipment)
4.00
Late
SIDBI VC
India-dedicated 19.07 January-2015
http://www.pawars.org/ Nashik West
INR 25-Cr via India Opportunities Fund. Pricing details: Equity Shares = FV Rs
10, Issue Price = Rs 78.39; OCPS = FV Rs 100, Issue Price = Rs 100; CCD = FV Rs
100, Issue Price = Rs 100; Issue of 1,275,672 Equity Shares, 1,000,000 8% OCPS
and 500,000 8% CCDs. The conversion ratio for OCPS and CCDs depend upon the fut
ure profitability of the company. Assuming the company achieves the projected PA
T of INR 24.81-Cr for FY 2016 and full conversion of OCPS and CCDs, the fund wil
l hold 19.07 % stake in the company on a fully diluted basis. Founded originall
y in 1997 by K.R.Pawar and incorporated as a Pvt Ltd co in 2006, Pawar Electro S
ystems is primarily engaged in the manufacturing of laboratory/magnetic stirrers
& centrifuges and blood bank refrigerators/freezers.
Portea Medical Unlisted
In-Home Care
2
Early
Qualcomm Ventures
Foreign
July-2014
http://w
ww.porteagroup.com/
Delhi North Tatva Legal(L)
Portea Medical i
s a home healthcare provider led by serial entrepreneurs K.Ganesh and Meena Gane
sh. The company will us funding to bolster their technology platform and expand
operations in 50 cities.
http://economictimes.indiatimes.com/articleshow/
39330514.cms
Prognosys Medical Systems
Unlisted
Medical Devices (Imaging)
3.32
1
Late
Somerset Indus Capital
Partners
India-dedicated
March-2014
http://www.prognosysmedi
cal.com/
Bangalore
South
INR 20 Crores Targetis a
medical imaging equipment maker. Investor will also acquire a stake in Chayagra
phics, a subsiary of the target which distributes medical products. The company
will set up a 30,000 square feet facility in Bangalore with this round of fundin
g. Avinash Kenkare and Mayur Sirdesai have joined the board.
http://economict
imes.indiatimes.com/articleshow/37214315.cm ; http://www.somersetinduscap.com/po
rtfolio.htm
Relisys Medical Devices Unlisted
Medical
Devices (Cardiac Care) 5.60
Late
Evolvence India Life Sciences F
und
India-dedicated
October-2014
http://relisysmedicaldevice.com/
Hyderabad
South
INR 35-Cr. Investment via India Life Sci
ences Fund II. Viswanath Chibrol of Evolvence India Life Sciences Fund has joine
d the board of the company. Incorporated in 1997, Relisys Medical Devices Limit
ed is involved in development, manufacturing and commercialization of medical de
vices to treat diseases including cardiovascular, peripheral vascular, neurovasc
ular (stroke) and structural heart disease.
Sai Life Sciences
Unlisted
Pharmace
uticals 31.00
Late
Tata Capital India-dedicated 45.00 December
-2014 http://www.sailife.com/ Hyderabad
South Ernst & Young(T)
AZB & Partners(L)
INR 180 Cr. Investment via Tata Capital Healthcare Fund
I, Tata Capital Growth Fund I, Beta TC Holdings Pte Ltd, Alpha TC Holdings Pte L
td and HBM Private Equity India. Sai Life Sciences employs over 1100 scientists
and researchers at its Hyderabad and Pune facilities.
Sanghvi Brands Unlisted
Wellness
10.20 1
Growth Tano Capital India-dedicated 30.00 March-2014
http://www.sanghviholdings.com/ Pune
West
Ambit Corporate Finance(T)
Investment via Tano India Private Equity Fund II Sanghvi Brands holds the excl
usive rights in India for French luxury brand L Occitane spas, boxing legend Eva
nder Holyfield s brand Holyfield Gyms, American salon brand Warren Tricomi and H
ollywood celebrity fitness trainer Ramona Braganza. Sanghvi Brands has also rece
ived the licence to develop L Occitane spas in Mauritius, the Maldives, Sri Lank
a and Seychelles, and is in talks to launch Warren Tricomi salons in more countr
ies. Carlton Pereira of Tano Capital has joined the target board.
http://e
conomictimes.indiatimes.com/articleshow/31751702.cms
Shilpa Medicare Listed Healthcare & Life Sciences
Pharmaceuticals 12.63
PIPE
Tano Capital Foreign 4.58
May-2014
http://www.vbshilpa.com
Raichur South
INR 75-Cr Investment via Tano Mauritius India FV
CI II Pricing details: Equity = FV Rs.2; Issue price Rs.425 On May 15, 2015, i
ssue of 1,764,705 equity shares to Tano Capital Post-deal investors SHP: Tano C
apital - 9.31% (3,589,753 equity shares) Baring India - 9.22% (3,553,712 equity
shares)
1638.42 3.06
12.94 20.26 Valuation Multiples based on FY1
4 Financials.
Spalon India
Unlisted
Salon Chain
6.50
1
Growth ASK Pravi
India-dedicated
December-2014
http://www.spalon.in/ Chennai South Consark()
INR 40 crore for
a significant minority stake in Spalon India Ltd, which owns and operates spas
and salons in Chennai and Bangalore under the brands Bounce Style Lounge, Kanya
Beauty Parlour, Oryza Spa, Cut It Out, Bliss by Oryza
Sparsh Nephrocare
Unlisted
Hospital
s (Renal Care) 3.30
1
Early
Tata Capital India-dedicated
March-2014
http://www.sparshnephrocare.com/
Hyderabad
South
INR 20 Cr is the investment commitment Co Name = Sandor Nephro Services Pvt Ltd
Investment via Tata Capital Healthcare Fund I Pricing details: CCPS = FV Rs.1
00; Issue price Rs.100 Issue of 16,42,000 CCPS to Tata Capital CCPS Conversion
Price is not known. Sanjay Chaudhary and Visalakshi Chandramouli of Tata Capit
al have joined the board. Target provides dialysis therapy to chronic kidney pa
tients by collaborating with hospitals in tier II and tier III cities to space i
n basic infrastructure to run dialysis centers.
Stelis Biopharma
Unlisted
Pharmace
uticals (Biopharma)
22.00
Growth-PE
GMS Holdings Foreign
25.10 September-2014 http://www.stridesarco.com/stelis_biopharma.html
Bangalore
South
The target is the biotech arm of publicl
y-listed Strides Arcolab. The investment will be used to fund its greenfield pro
ject. GMS will make a further equity infusion of $13.4 million over a period of
2 years, (in proportion to its ownership at par) in tranches based on the projec
t and product development needs http://www.bseindia.com/xml-data/corpfiling/Atta
chLive/Strides_Arcolab_Ltd2_290914.pdf
Strides Arcolab Listed Healthcare & Life Sciences
PIPE
Apax Partners Foreign 1.18
September-2014 http://www.stridesarco.c
om
Bangalore
South
INR 48.50 Cr. Apax Partners, thr
ough its unit PCV LUX SCA, bought 355,000 shares on BSE and 350,000 shares on NS
E at a price of INR 688 per share on Sep 08, 2014.
4110.69 5.83
25.36 47.70 Valuation Multiples based on FY14 Financials
http://bit.ly/1q
J5w74
Sutures India Unlisted
Medical Devices
(Surgical Products)
Late
TPG Growth
Foreign 23.00
February-2015 http://www.suturesin.com
Bangalore
South
AZB & Partners(L)
TPG Growth, via TPG Growth II SF PTE LTD, has increased
its stake in surgical products maker Sutures India from about 23% to 46%.
(Swasth India) Unlisted
Clinics (Primary
Healthcare)
0.31
Early
Ratan Tata
India-dedicated
December-2014 http://www.swasthindia.in/
Mumbai West
INR 2 crore. Swasth India provides affordable healthcare services to low-income
people.
http://timesofindia.indiatimes.com/india/Tycoons-make-beeline-fo
r-healthcare-start-ups/articleshow/45499456.cms
Syngene International Unlisted
Pharmace
uticals (CRAMS) 63.84
Late
India Value Fund
India-dedicated
10.00 September-2014 http://www.syngeneintl.com
Bangalore
South
Allegro Capital(T),Wadia Ghandy & Co() DSK Legal(L)
INR 380 crore. India Val
ue Fund Advisors (IVFA) through its investment vehicle Silver Leaf Oak (Mauritiu
s) Ltd, has acquired the 10% stake from Biocon Research Limited (BRL), a 100% su
bsidiary of Biocon.
http://www.bseindia.com/xml-data/corpfiling/AttachLive/B
iocon_Ltd_180914.pdf
3800.00
Torrent Pharmaceuticals Listed Healthcare & Life Sciences
Pharmaceuticals
11.40
PIPE
ChrysCapital India-dedicated 0.82
April-2014
http://www.torrentpharma.com
Ahmedabad
West
INR 70.4
4 Cr ChrysCapital via Lavender Investments Limited has acquired 1,381,938 addit
ional shares at a quarterly average price of INR 509.71 per piece during Q1 2014
to hike its stake to 4,533,563 shares (2.68% stake). As on December 31, 2013 Ch
rysCapital had held 3,151,625 shares (1.86% stake) in the company.
http://b
it.ly/1krqnJG 8590.24 2.96
11.10 15.73 Valuation multiples are based on
FY 13 financials
Total Prosthetics & Orthotics Unlisted
Medical Devices (Orthotics, Prosthetics)
10.00 2
Early
Evolven
ce India Life Sciences Fund
India-dedicated
January-2015
http://w
ww.cpousa.com/ Delhi North
INR 63.24-cr is the maximum inv
estment commitment for this round. Investment via Evolvence India Life Science F
und II. The fund will make the investment in different tranches by way of subscr
iption of Compulsory Convertible Preference Shares (CCPS) at INR 13.5 per share.
Hari Buggana, MD of Evolvence India Life Sciences Fund has joined the board of
the company. Tranche 1 (Jan 2015, INR 31.62-Cr) Equity Shares FV = 10; Issue P
rice = INR 14.2 CCPS FV = 10; Issue Price = INR 13.5 Issue of 100 Equity Shares
and 23,425,850 Preference Shares to Evolvence India Life Science Fund II. Tran
che 2 (Yet to Happen, INR 31.62-Cr) Target creates artificial limbs.
Total Prosthetics & Orthotics Unlisted
Medical Devices (Orthotics, Prosthetics)
0.52
Early
Venture
ast
India-dedicated
November-2014 http://www.cpousa.com/ Delhi
North
INR 3.18-Cr. Ventureast invested via Ventureast Life Fun
d III by subscribing to 8% Compulsorily Convertible Debentures. Pricing details
: CCDs = FV Rs 100, Issue price= Rs 100; On Nov 2014, Issue of 3,17,553 CCDs to
Ventureast Life Fund III. CCDs are convertible into equity in 10 years and at a
rate of interest of 8 % per annum. In the previous round of investment, Ventur
east had invested INR 10 Cr for 28.99 % stake. Target creates artificial limbs.
It reported a turnover of INR 3.86-Cr and a Net Loss after tax of INR 2.43-Cr in
FY14.
Vaatsalya Healthcare
Unlisted
Hospital
s(Rural)
Late
Aavishkaar, Seedfund, Aquarius, Bamboo
Finance Co-Investment
November-2014 http://www.vaatsalya.com
Bangalore
South
Samvad Partners(L)
Raising of additional ca
pital from existing investors including Aquarius, Aavishkaar (via Aavishkaar Ind
ia II), Bamboo Finance and Seedfund. Samvad Partners was the legal advisor to Aq
uarius on the transaction.
Vasan Eye Care Unlisted
Clinics (Eye Car
e)
50.00 5
Late
Sequoia Capital India, GIC, WestBridge Co-Inves
tment
May-2014
http://www.vasaneyecare.org
Trichy South
Spark Capital Advisors(T),Amarchand & Mangaldas(L)
Samvad Partners(L)
The fresh funds will be used for expanding the reach of the chain as the group l
ooks to diversify into other areas of healthcare. The deal values the chain at o
ver $600 million (Rs 3,600 crore). The promoter currently holds about 55% in the
company while the three investors together hold the rest. Samvad Partners acte
d for Indivest Pte Limited and Lathe Investment Pte Limited (affiliates of GIC).
http://timesofindia.indiatimes.com//articleshow/35043859.cms
3600.00 6.00
29.00
Revenue and EBITDA multiples based on FY13 finan
cials. PAT multiple is not meaningful.
Vivimed Labs
Listed Healthcare & Life Sciences
PIPE
Kitara Capital Foreign 2.75
August-2014
http://www.vivimedlabs.c
om
Bidar South
INR 15.75 Cr Publicly listed Vivimed Lab
s is to allot 5 lakhs warrants (convertible into an equivalent number of equity
shares of the face value of Rs. 10/- each) on preferential basis to Kitara Capit
al, via its unit KITARA PIIN 1102, at an issue price of INR 315 per warrant. As
of June-14, Kitara Capital held 11.29% stake in target. Assuming full conversio
n of warrants into equity, Kitara would hold 12.8% stake in target.
http://b
it.ly/1pBHESt 573.42 1.32
5.67
21.53 Valuation Multiples based on FY1
4 financials.
Vyome Biosciences
Unlisted
Pharmace
uticals (Dermatology) 8.00
2
Growth Kalaari Capital, Sabre Capital,
Aarin Capital India-dedicated
August-2014
http://www.vyome.in/
Delhi North Masterkey Holdings(T) J Sagar Associates(L),K Law(L) Target h
as raised Series B funding round led by Sabre Partners, with participation from
existing investors Kalaari Capital and Aarin Capital. The company will use the f
unds for advanced clinical research, development of better products, and innovat
ive commercialization strategies. Rajiv Maliwal from Sabre Capital and Ranjan
Pai from Aarin Capital joined the board of the company. K Law advised Kalaari C
apital. Sabre Capital, via Spring Healthcare India Trust Ltd., invested INR 14
Cr for 10.65% on a fully diluted basis. J sagar Associates advised Sabre Capit
al
http://bit.ly/XYUC3n

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INR 36 lakhs in FY14 compared to INR 30 lakhs in FY13.

sor to Intas Pharmaceuticals Limited, ChrysCapital was represented by Wadia Gh

Leixir Lab Group

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