PE Fund Investments
Pharmacy retailer Medplus’ promoter raises Rs.350-Cr from Modulus Alternatives: report
Madhukar Reddy Gangadi, the promoter of Hyderabad-headquartered pharmacy retail chain MedPlus Health Services , has raised INR 350 crore in debt from Modulus Alternatives. The new funds will be used to refinance the debt from existing private equity investor Warburg Pincus, which owns a 11.36% stake in MedPlus through its unit, Lavender Rose.Established in 2006 by founder Madhukar Gangadi, MedPlus has a network of over 4,000 outlets across 581 cities. Since its listing in 2021, the company has attracted investments from Fidelity, The Government of Singapore, Steadview Capital, and Premji Invest, and has a market cap of INR 8,700 crore.
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