Mumbai-based pharmaceutical company Hexagon Nutrition Pvt Ltd has raised an undisclosed amount in Series A growth capital round from Somerset Indus Capital Partners, a source close the the development told DEALSTREETASIA. The deal was closed last week.
Hexagon Nutrition plans to use the money to grow its branded consumer business segment globally.
Founded in 1991, Hexagon Nutrition offers branded nutrition products & micro nutrient premixes. The company predominantly operates in two segments including premix segment-where micro nutrient premixes are supplied across 70 countries and clinical nutrition segment. The company’s branded products in this segment include Pentasure, Pedia Gold, Obesigo etc. These products are supplied to hospitals.
An email query sent to Hexagon Nutrition’s spokesperson seeking more details did not elicit a response at the time of publishing this article.
Mumbai-based healthcare-focused private equity firm Somerset Indus Capital Partners primarily invests in growth-oriented healthcare companies in India. It typically invests $5 million in a firm and has made several investments in the recent past. It was looking to raise around $125 million in its second fund.
The company’s $27 million Somerset Indus Healthcare Fund I has backed companies like medical devices firm Browndove Healthcare and specialty hospitals operator Cygnus Medicare, primary clinic chain Express Clinics, and Krsnaa Diagnostics Pvt Ltd.
The PE firm is led by Avinash Kenkare and Mayur Sirdesai.