India Digest: MedPlus plans IPO; Sachin Bansal invests in Navi; Govt eyes defence startups

Photo: Mint

MedPlus Health Services Pvt. Ltd plans to raise about $97 million (Rs 700 crore) via an initial public offering (IPO). In another development, Sachin Bansal has invested about $125 million in his venture Navi Technologies. Meanwhile, the government plans to fund more than 250 defence startups.

MedPlus plans $97m IPO

MedPlus Health Services Pvt. Ltd, a pharmacy retail chain, plans to raise about $97 million (Rs 700 crore) via an initial public offering (IPO), PTI reported quoting its promoter Madhukar Gangadi.

Gangadi may also consider offloading a part of his stake in the IPO to pare debt, the report said.

The company will start preparing the Draft Red Herring Prospectus next month, and will use the IPO proceeds for expanding its retail presence across the country. The company currently operates 1,700 outlets across seven states and expects to increase the number to 3,100 by 2023.

MedPlus Health had earlier reportedly raised around Rs700-750 crore in debt financing from Goldman Sachs to buy out existing private equity investors.

Sachin Bansal injects $125m in Navi Tech

Flipkart co-founder Sachin Bansal has invested about $125 million (Rs 888.5 crore) in his venture Navi Technologies, formerly called BAC Acquisitions, Entrackr reported.

As part of the investment, Bansal has picked up 6,83,45,451 shares in Navi Technologies priced at Rs 130 each, the report added.

Bansal co-founded BAC Acquisitions along with his IIT-Delhi batchmate Ankit Agarwal in December last year to invest in a plethora of sectors such as data sciences, healthcare, energy, media and entertainment, and consumer goods.

Govt plans to invest in 250 defence startups

The government plans to fund more than 250 startups to achieve at least 50 ‘tangible innovations’ for the Indian defence sector over the next five year.

To execute the same, the defence ministry will be earmarking at least Rs 500 crore for its Innovations for Defence Excellence (iDEX) initiative, and will try to bring together innovators with public and private sector industry and the armed forces to find new technology solutions, The Economic Times reported.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.