MedPlus Health Services Pvt. Ltd, the second-largest pharmacy retail chain in India, on Thursday said it was in advanced talks to raise $50-75 million from private equity investors to provide an exit to existing investors and fund expansion.
Three private equity (PE) investors, US-based Mount Kellett Capital Management LP, TVS Capital Funds Ltd and Ajay Piramal’s India Venture Advisors Pvt. Ltd together hold 69% stake in MedPlus, followed by Madhukar Gangadi, founder and chief executive officer, with a 20% stake. The rest is held by the employees through stock options.