Healthcare & New Age Businesses
Veda advises Apollo 24|7 on equity raise from Advent International
About
Apollo 24/7
AHL, a subsidiary of Apollo Hospitals Enterprise Limited [NSE: APOLLOHOSP], is India’s most comprehensive omni-channel healthcare platform, integrating Apollo group’s renowned clinical expertise with best-in-class technology. AHL’s business comprises of robust backend distribution services to 6,000+ pharmacies across 1,100 cities in 27 states and Apollo 24|7, a comprehensive digital health platform, encompassing a wide array of services such as medicine deliveries, doctor consultation, diagnostics at home, chronic condition management and insurance offerings.
Background
Apollo HealthCo Ltd. (‘AHL’ or ‘Apollo 24|7’ or ‘the Company’), India’s largest omni-channel healthcare platform, has raised INR 2,475 Crore from Advent International (‘Advent’), one of the world’s largest and global private equity firms, for a minority stake. This transaction represents largest minority equity raise in Indian healthcare till date.
AHL has also entered into a framework agreement to integrate 100% of Keimed Pvt. Ltd. (‘Keimed’, India’s largest wholesale pharmacy distribution company ) in a phased manner over the next 24-30 months.
The transaction marks a significant milestone in AHL’s journey and provides it with significant growth capital to further strengthen its position and scale an integrated omni-channel healthcare ecosystem.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to AHL and its shareholders on this transaction.
“We are delighted to partner with ‘first family’ of Indian healthcare. Apollo 24|7 has built India’s most progressive healthcare platform by combining innovative digital technologies with its massive distribution network. This investment by world renowned private equity major reinforces the uniqueness of Apollo 24|7’s disruptive model. In our view, this transaction will set the benchmark for healthcare retail play in India.”
Atul Saraogi & V P Rajan
Managing Directors, VedaCorp