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    Sector Update: Table 1: PE Investments During Last 2-3 Quarters

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    Abhishek Kamdar
    The document provides information on private equity investments in the Indian diagnostics sector over the last 2-3 quarters and from 2010-2017. It includes two tables, the first listing recent PE investments in diagnostic companies, and the second providing historical deal details including investor, date, stake percentage, and company valuation multiples. Key investors include Sequoia Capital, Kedaara Capital, Abraaj, and TA Associates among others. Company valuations for metropolis, Thyrocare and others range from INR 1,000 million to INR 33,950 million based on EV/EBITDA multiples of 10.8x to 32.2x.

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    Sector Update: Table 1: PE Investments During Last 2-3 Quarters

    Uploaded by

    Abhishek Kamdar
    33 views1 page
    The document provides information on private equity investments in the Indian diagnostics sector over the last 2-3 quarters and from 2010-2017. It includes two tables, the first listing recent PE investments in diagnostic companies, and the second providing historical deal details including investor, date, stake percentage, and company valuation multiples. Key investors include Sequoia Capital, Kedaara Capital, Abraaj, and TA Associates among others. Company valuations for metropolis, Thyrocare and others range from INR 1,000 million to INR 33,950 million based on EV/EBITDA multiples of 10.8x to 32.2x.

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    The document provides information on private equity investments in the Indian diagnostics sector over the last 2-3 quarters and from 2010-2017. It includes two tables, the first listing recent PE investments in diagnostic companies, and the second providing historical deal details including investor, date, stake percentage, and company valuation multiples. Key investors include Sequoia Capital, Kedaara Capital, Abraaj, and TA Associates among others. Company valuations for metropolis, Thyrocare and others range from INR 1,000 million to INR 33,950 million based on EV/EBITDA multiples of 10.8x to 32.2x.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    33 views1 page

    Sector Update: Table 1: PE Investments During Last 2-3 Quarters

    Uploaded by

    Abhishek Kamdar
    The document provides information on private equity investments in the Indian diagnostics sector over the last 2-3 quarters and from 2010-2017. It includes two tables, the first listing recent PE investments in diagnostic companies, and the second providing historical deal details including investor, date, stake percentage, and company valuation multiples. Key investors include Sequoia Capital, Kedaara Capital, Abraaj, and TA Associates among others. Company valuations for metropolis, Thyrocare and others range from INR 1,000 million to INR 33,950 million based on EV/EBITDA multiples of 10.8x to 32.2x.

    Copyright:

    © All Rights Reserved
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    Sector Update

    Table 1: PE investments during last 2-3 quarters


    Date of Investment
    Investor Company Stake (%)
    investment (INR mn)
    Sequoia Capital India Growth Fund II Suburban Diagnostics Oct-16 469 NA
    Beenext (Japanese investor) Healthians (Aggregator) Oct-16 200 NA
    significant
    Kedaara Capital Advisors Vijaya Diagnostics Dec-16 4,300
    minority stake
    Eight Roads Ventures/ F-Prime Capital
    Core Diagnostics Dec-16 840 NA
    Partners (Fidelity)
    OrbiMed Suraksha Diagnostic Dec-16 1,613 35
    Medall Healthcare (earlier known as
    Abraaj Jan-17 16,000 80
    Precision Diagnostics)
    PerkinElmer Tulip Diagnostic (Provider of reagent) Jan-17 NA NA
    Brand capital Airmed Pathlabs Jan-17 100 NA
    CDC Group Plc and Manipal Group iGenetic diagnostics Feb-17 1300 NA

    Table 2: PE investments in diagnostic service/ diagnostic equipment companies


    Company
    Date of Investment
    Company Investor Stake (%) valuation EV/EBITDA
    investment (INR mn)
    (INR mn)
    Pan-India
    CX Partners Dec-10 630 28 6,270 17.6
    Samara capital Dec-10 38 2 6,270 17.6
    Thyrocare Norwest Venture Partners Sep-12 1,200 10 12,000 18.9
    Emerging India Fund (ICICI Bank) Oct-13 1,300 2 12,901 19.3
    Aditya Birla PE Feb-14 1,250 8 16,000 22.3
    Sequoio Capital (WestBridge) Jun-05 420 26 1,610
    TA Associates Aug-10 1,630 16 10,000 17.7
    Dr Lal
    WestBridge Feb-13 1,883 13 15,000 10.8
    TA Associates Feb-13 484 3 15,000 10.8
    ICICI Venture Fund May-06 350 27 1,296
    Warburg Pincus Jun-10 3,920 27 14,519 32.2
    Metropolis
    Promoter bought back (WP stake) Apr-15 5,500 27 20,370 15.7
    Carlyle group Sept-15 9,000 37 24,324 17.9
    Avigo Capital Partners Apr-11 1,000 9 10,787
    Sabre Partners May-11 500 3 16,167
    SRL Diagnostics Jacob Ballas Mar-12 2,500 NA NA
    IFC Mar-12 1,200 NA NA
    Fortis Sept-15 1,050 3 33,950
    Somerset Indus Capital Partners and
    Krsnaa Diagnostics May-15 500 44 1,621 18.7
    Kitara Capital
    North
    Diwan Chand Medical Asian Healthcare Fund Mar-10 1,000 76 1,519
    Services Pvt. Ltd. Asian Healthcare Fund Mar-12
    Eight Roads Ventures/ F-Prime Capital
    Core Diagnostics Dec-16 840 NA NA
    Partners (Fidelity)
    Source: Edelweiss research

    3 Edelweiss Securities Limited

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