Indiabulls Pharmaceuticals, part of the diversified Indiabulls Group Companies, has raised Rs 155 crore capital ($24 million) from Singapore-based investment firm Clermont Group.
According to a Times of India report, Clermont Group, run by New Zealand-based billionaire investor-turned-philanthropist Richard Chandler, has acquired about 9 per cent stake in the Delhi-based company.
Indiabulls Pharmaceuticals was founded in July 2016 and currently offers over 350 products in formulations and devices in the segments of respiratory care, consumer care, critical care, paediatric care among others. The current transaction values the company at about Rs 1,800 crore.
Currently, its manufacturing partners have facilities with WHO/EU GMP certification and compliant with USFDA cGMP requirements, the company said.
In India, Clermont Group currently owns minority stakes in Axis Bank, Indiabulls Real Estate and Ujjivan Financial Services, together valued at nearly Rs 4,000 crore now.
According to the news report, this latest investment will provide some growth capital to Indiabulls Pharma for the next few years.
Healthcare sector in India is one of the most attractive for investors in the country. Recently, home healthcare service provider Portea Medical, which is run by Health Vista India Pvt Ltd, raised $26 million in its Series C round led by mid-market PE firm Sabre Partners and MEMG CDC. Existing investors Accel Partners, Qualcomm Ventures, and International Finance Corporation (IFC) also took part in the round.