India: Pharma retail chain Medplus to raise $50m-75m, launches online diagnostic service

Visual from MedPlus Twitter page

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.

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