New Delhi, Oct. 16 -- Global consumer-focused private equity firm L Catterton, which last month made the first close of its India-focused fund, has invested in a specialist clinic chain in the company's first external capital raise.
L Catterton has invested in proctology company Healing Hands Clinic, the Pune-based company said on Thursday, marking the clinic's first external fundraise since its formation over a decade ago. Terms of the transaction were not disclosed. However, industry sources told VCCircle that L Catterton has picked up a minority stake in the firm.
The transaction will enable Healing Hands to further expand across the country, making quality anorectal care accessible across India, Healing Hands said in a statement.
Founded in 2013 by Ashwin Porwal, Snehal Porwal, and Roshan Porwal, Healing Hands provides care which addresses all stages of anorectal conditions such as piles, fissures, fistulas, constipation, and related conditions. It offers minimally invasive techniques and plant-based medicines along with holistic outpatient and inpatient services. Since its inception, the company has expanded its clinical network to 36, with a presence spanning 14 cities in the country.
Healing Hands solutions include consultations, diagnostics, non-invasive procedures, open surgeries, and plant-based products such as fissure care sprays.
"We look forward to leveraging its global experience and expertise in the consumer healthcare space to further expand our network of clinics, deliver a consistently high quality of care, and broaden access to our plant-based solutions in order to better serve patients," Healing Hands co-founders Ashwin Porwal and Snehal Porwal, said.
In FY24, the company reported 25% standalone revenue growth to Rs 99.3 crore with a net profit of Rs 28.7 crore, according to VCCEdge, VCCircle's data intelligence platform. In the preceding period, Healing Hands recorded 37.2% growth in revenue to Rs 79.5 crore with a net profit of Rs 23 crore.
Meanwhile, VCCircle reported in September that L Catterton marked the first close of its India-centric investment vehicle with around $200 million. The category II alternative investment vehicle, known as L Catterton India Fund I, has a target of $400 million with an additional greenshoe option of $200 million.
L Catterton will invest in seven to nine companies across sectors such as food and beverage, consumer services including healthcare, retail and restaurants, and consumer brands. Average cheque size will be in the range of $25 million and $150 million.
In July, the investment firm also appointed former Unilever PLC Group executive Vikram Kumaraswamy as a partner and its co-head of India operations to work closely with L Catterton India executive chairman Sanjiv Mehta, and partner and co-head of India Anjana Sasidharan.
So far, the private equity investor has been placing bets on Indian firms through its Asia fund. However, a year ago, it roped in former CEO and managing director of Hindustan Unilever Ltd, Sanjiv Mehta, to deepen India-focused investments.
Published by HT Digital Content Services with permission from VC Circle.