AVCJ

NVP invests $22m in Indian medical diagnostics firm

  • Susannah Birkwood
  • LinkedIn  
  • Google plus  
  • Save this article  

Norwest Venture Partners (NVP) has bought a 10% stake in India’s Thyrocare Technologies from the medical diagnostics services provider’s promoters for INR1.2 billion ($22 million).

As part of the deal, which was structured as a replacement capital transaction, Sohil Chand, managing director of NVP India, will join the Mumbai-based company's board.

This is the second time a financial investor has backed Thyrocare, following CX Partners' INR1.9 billion investment for a 30% stake back in December 2010.

"When CX Partners invested, we were motivated and ventured into Nueclear, (the in-vivo segment)," commented A Velumani, managing director and chief executive of Thyrocare Technologies. "Now, with NVP's investment, we would explore global markets."

India's diagnostics market is said to be worth approximately INR100 billion. Thyrocare participates in this market through its network of 20,000 service centers across 1,000 cities and towns, and 100,000 doctors through 600 franchisees.

Other PE transactions to take place in this space of late include Government Investment Corporation of Singapore's (GIC) $100 million cash injection for Vasan Healthcare, and Goldman Sachs' $115 million commitment to Max India.

  • LinkedIn  
  • Google plus  
  • Save this article  

More on Healthcare

Latest News

world-hands-globe-climate-esg
Asian GPs slow implementation of ESG policies - survey

Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...

  • GPs