Pharmaceuticals giant Mankind Pharma Ltd on Monday acquired a majority stake in Upakarma Ayurveda Pvt Ltd through one of its subsidiaries for an undisclosed sum.
“As Mankind Pharma works towards improving the healthcare of people, we have associated with Upakarma Ayurveda in order to cater to the emerging needs of consumers,” Mankind Pharma’s vice chairman and managing director Rajeev Juneja said.
The stake acquisition would allow Upakarma Ayurveda to widen its product offering, penetrate the market and leverage Mankind's distribution network. The company’s operations include the development, manufacture and sales of ayurvedic and herbal products.
The stake buy comes soon after the ChrysCapital-backed pharma company filed the draft papers for its initial public offering with markets regulator Securities and Exchanges Board of India (SEBI) in September, comprising of an OFS (offer for sale) of 4 crore equity shares.
In February, VCCircle reported that Mankind Pharma, along with the family offices of QRG Group, which owns the Havells brand, invested in defence startup NewSpace Research & Technologies Pvt Ltd, in a larger funding round of about $21 million.
The company had reported an operational revenue of Rs 7,781.56 crore in the financial year ending March 31, 2022, up 25% over the previous year. It reported a profit of Rs 1,452.96 crore in FY21.
The company, earlier this year, announced its foray into the agritech space by launching Mankind Agritech Pvt. Ltd with an investment of Rs 200 crore over the next 2-3 years.
Founded in 1991, Mankind offers several consumer healthcare products including emergency contraceptives Unwanted 72, Manforce condoms, Prega-News, Gas-o-Fast ayurvedic antacids and skin ointment Acnestar, with a focus on the Indian market.
Among other deals in the space, Bessemer Ventures-backed Medi Assist Healthcare Services Ltd. recently acquired a majority stake in Mayfair We Care (Mayfair), a UK based healthcare focused administration service provider for an undisclosed cash deal.
Similarly, Delhi-based healthcare player, Aakash Healthcare Pvt. Ltd, acquired Asia Med Centre in Uzbekistan’s Tashkent for $4 million earlier this month, seeing the surge in number of medical tourists from Uzbekistan visiting India for advanced treatment.