PE-VC Fund Investments
Ascent Capital leads Rs.150-Cr majority investment in Strides’ tech consulting unit Pivot Path
BSE Announcement Business Line
Publicly-listed Strides Pharma Science has divested a majority stake in its Bengaluru-based wholly-owned subsidiary, Pivot Path , at a post-money valuation of INR 230 crore to a consortium of investors led by Ascent Capital.The initial secondary transaction involves an aggregate consideration of INR 100 crore payable to Strides Pharma Science (INR 75 crore at the initial closing and the remaining INR 25 crore on the first anniversary). Additionally, Ascent Capital will infuse INR 50 crore into Pivot Path to support growth.Pivot Path provides services across life sciences consulting, digital transformation, quality and compliance, and technology-enabled operational services. The entity employs more than 400 experts who focus on compliance, digital transformation, and drug safety requirements.Following the completion of the transaction, Strides will retain a 19.95% stake in Pivot Path, while the investor consortium will hold a 65.05% stake, with the remaining 15% reserved for an employee stock option pool.
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