Advent International is in talks to acquire a minority stake in Apollo 24/7. Separately, InCred Alternative Investments has hit the first close of its maiden private equity fund.
Advent International in talks for stake in Apollo 24/7
US private equity fund Advent International is among investors in discussions to acquire a minority stake in Apollo 24/7, the digital healthcare platform of Apollo Hospitals, The Economic Times reported on Friday, citing two people aware of the development.
The buyer is likely to invest about Rs 2,100 crore ($250 million), valuing the subsidiary at about Rs 17,000 crore ($2 billion), the report said.
Apollo 24/7 is part of Apollo HealthCo, a subsidiary of Apollo Hospitals. HealthCo also houses the pharmacy distribution business and a 25.5% interest in Apollo Pharmacy. It accounts for about 40% of Apollo Hospitals’s revenue.
InCred hits first close of PE fund at $40m
InCred Alternative Investments (which is a part of InCred Capital), has hit the first close of its maiden private equity fund at Rs 330 crore, VCCircle reported.
The firm launched its InCred Growth Partners Fund-I in February this year to raise Rs 500 crore.
The firm expects to hit the final close of the fund during the year, the report said, citing an interview with the managing partner of InCred Alternative Investments, Vivek Singla.
The investments are expected to be a mix of companies across early/growth stage Series B and C stage companies, with a few late-stage deals as well, the report said.