Healthcare-focused private equity firm Quadria Capital Monday announced an investment of Rs 850 crore ($102 million) in India’s largest dialysis services provider, NephroPlus, securing a “significant” minority stake through a mix of primary and secondary transactions.
VCCircle first reported that Nephrocare Health Services Pvt Ltd, operating as NephroPlus, is in line to receive substantial funding from Quadria Capital, valuing the company at around Rs 2,000 crore (approximately $240 million).
A source had earlier told VCCircle that despite a minority stake, the deal will give control to Quadria Capital, which will pick additional stake over a period of time.
Most of its early backers, including Bessemer Ventures Partners, 360 ONE and Bahrain-based Investcorp are likely to make either a partial exit or completely divest their stake to incoming investors, VCCircle earlier reported.
The company posted consolidated net sales of Rs 437 crore during FY23, up from Rs 317 crore the year before, as per VCCEdge, the data research platform of VCCircle.
The firm likely generated revenue of Rs 520-530 crore in 2023-24 with EBITDA of Rs 95-100 crore, VCCircle has gathered. This indicates the company is possibly commanding EBITDA multiple of 20x in terms of valuation.
Established in 2010, NephroPlus presently operates approximately 450 dialysis centers across India, the Philippines, and Uzbekistan.
Quadria, founded in 2012, manages assets worth $3.4 billion. It specializes in backing companies within healthcare delivery, life sciences, medical technology, and associated healthcare services sub-sectors. Last year, it made a significant investment of $155 million in Maxivision Eye Hospital, a private eyecare clinic chain.
Quadria is currently in the process of raising its third fund, with a hard cap of $1 billion, having achieved its first close last year.
