MedPlus will soon raise $75 million from foreign investors to become the largest player in the country with a pan-India presence.
MedPlus, India’s second-largest pharmacy chain with 1,250 stores across 12 states, on Wednesday said it will soon raise $75 million from foreign investors (primarily PEs) to become the largest player in the country with a pan-India presence. The company has appointed a merchant banker for this and hopes to finalise the deal in three to four months, said Madhukar Gangadi, CEO, MedPlus.
Speaking to FE, Gangadi said: “We have investors such as TVS Capital, Piramal and Mount Kellett in our first round and they have been with us for over four years with majority stake. Given our massive expansion target, we seek to raise $75 million afresh, primarily from new investors (overseas)…”