ICICI exits Metropolis Healthcare after Warburg Pincus investment
ICICI Venture is to fully divest from India’s Metropolis Healthcare Ltd., following Warburg Pincus’s move to inject $85 million into the laboratories chain.
ICICI Venture first invested INR35 crore ($7.6 million) in 2006 from its India Advantage Fund Series-1. US-based Warburg Pincus will replace ICICI as a key investor, though it did not disclose what its stake would be in Metropolis. The funding is expected to be used to assess M&A targets to expand its influence in the region's healthcare sector.
Reports surfaced last month that Warburg Pincus was a leading bidder for ICICI Venture's 20% stake in Metropolis, which also attracted interest from Apax Partners and TA Associates. The stake adds to Warburg Pincus's interests in the Indian healthcare space, as it has also invested into Max India in 2004.
More on Exits
Latest News
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...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.