Carlyle, Brighton Park invest $200m in India's Indegene
The Carlyle Group and US GP Brighton Park Capital have committed a combined $200 million to Indegene, an Indian technology provider for the healthcare and life sciences industries.
The investors will acquire minority positions of undisclosed size. The transaction comprises primary and secondary tranches - several existing backers are selling shares - and values the company at $500-600 million, according to The Economic Times.
Founded in 1998 by five first-generation entrepreneurs, Indegene offers pharmaceutical, biotech, and medical device companies a range of commercialization and technology-related services. These include data analytics, scientific and regulatory R&D, and customer experience consulting, as well as support with sales, marketing, patents, and product launches.
Indegene has attributed much of its growth to the increasingly data-driven and digital nature of healthcare and life sciences. The company claims revenue growth of 25% a year over the past decade. During this period, there were seven acquisitions of various specialized technology and service providers. A Japan-based operation was set up last year.
The fresh capital will support further M&A and international growth. Indegene said it intends to pursue partnerships in global markets related to industry themes such as data-driven decisions, safety and compliance, and personalization at scale. In addition to India and Japan, the company has bases in China, Singapore, the US, the UK, Switzerland, and Ireland.
"We have been impressed by the strong entrepreneurial energy of the management team at Indegene and their technology-led, data-driven, differentiated global delivery model, as well as by their ability to scale relationships with global healthcare enterprises," Neeraj Bharadwaj, a managing director at Carlyle, said in a statement.
Carlyle has invested around $13 billion in the healthcare sector across more than 80 deals globally as of September 2020. Standout portfolio companies in India include Medanta Medicity Hospital, veterinary services provider SeQuent Scientific, Piramal Pharma, and diagnostics provider Metropolis Healthcare. The firm closed its fifth flagship Asia fund at $6.5 billion in 2018.
Brighton Park invests in healthcare, software, information services, and technology-enabled services, primarily in the US. Previous investments in India include IndusInd Bank and enterprise services provider Bridgade.
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