Everstone Capital-backed pharma-supply chain company Ascent Health and Wellness has racked up multiple acquisitions in India, as it pushes deeper into the pharmaceutical distribution space. The four-year-old company is targeting more buyouts and eyeing up to 10 acquisitions by the end of the current fiscal.
Entering into a Joint Venture with Muthu Pharma Group
The company has acquired pharmaceutical distribution companies Eastern Agencies and DC Agencies in Delhi. It also entered into a joint venture with Muthu Pharma Group. Till now the company has spent Rs 120 crore-130 crore on the deals.
“We believe that every retailer or hospital can get access to pharma products in a time-bound manner, where supply chain plays an extremely critical role.” Said founder Siddharth Shah
About the Acquisitions
The acquisitions happen a year after Everstone Capital and Kedar Mankekar, one of India’s wealthiest private financial specialists, drove a Rs 400 crore speculation round in the organization, grabbing a larger part stake, evaluated at 65%, all the while. The arrangement, which was produced using the PE association’s $730 million Everstone Capital Partners III reserve, and was first detailed by Mint, is, however, yet to publicly announced.
About Ascent Health
Ascent, which caters to about 20,000 retailers across the country, also works with pharmaceutical companies like Zydus Cadila, Cipla and Sun Pharmaceuticals, and notable hospital chains that include Nanavati Hospital and Manipal Hospitals.
The organization gives the pharma majors all channels of circulation, including retail and institutional, while independently dealing with the pharmaceutical supplies, and going about as a vendor for the hospital chains.
Shutting Down of Dial Health
Ascent which started in 2012 as an online drugstore Dial Health, contended with any semblance of Sequoia Capital and Maverick Capital-upheld 1mg and Sistema and OrbiMed-supported NetMeds, the organization rotated to its present model in 2014. The Dial Health online stage was later closed down, with just a couple of retail locations working in Mumbai.
