Piramal Alternatives, a unit of Piramal Group controlled by Indian billionaire entrepreneur Ajay Piramal, has invested Rs 215 crore ($22.5 million) in Kolors Healthcare India Pvt Ltd to support the company’s expansion plans.
The investment was made through Piramal Alternatives’ India Credit Opportunities Fund II, the firm said in a media statement.
The health and wellness chain, which primarily caters to customers in South India, plans to use the funding to expand its clinic network, enhance existing infrastructure, diversify its service portfolio, and drive the strategic transformation of its centres.
“We are excited to partner with the Kolors management team as the company embarks on its next phase of growth,” said Kalpesh Kikani, CEO, Piramal Alternatives. “Kolors has built a strong brand and differentiated presence in the rapidly evolving wellness and preventive healthcare segment.”
India’s wellness and preventive healthcare ecosystem is undergoing a significant transformation, supported by increasing consumer awareness, greater focus on preventive health, rising disposable incomes and growing demand for personalised wellness and aesthetic solutions.
“India’s growing wellness challenges require solutions that are accessible, personalised and outcome-driven. The combined strengths of Piramal Alternatives and Kolors will help us address these needs at scale,” said Venkata Shivaji Kuna, Executive Director at Kolors Healthcare India Private Limited.
Wellness is increasingly attracting investor interest as consumers spend more on preventive healthcare, fitness, nutrition and personalised wellness services.
Among other deals in the sector this year, Elev8 Venture Partners and angel investors invested $33 million in Fullife Healthcare, which owns Fast&Up and Chicnutrix.
Piramal Alternatives, which invests in the mid-market segment in sectors such financial services, manufacturing, industrials, consumer, healthcare, and pharmaceuticals, manages assets worth $1.6 billion.
