Avendus Future Leaders Fund has picked up a stake in IPO-bound Indegene Pvt Ltd in a secondary transaction, which values the healthtech firm at over $1.5 billion, two people in the know said. Carlyle and another investor, whose name could not be ascertained, sold their shares to Avendus.
Indegene declined to comment on the development and Carlyle did not respond to requests for comments.
An Avendus spokesperson confirmed the news, saying the deal size was for $6.5 million ( ₹53.5 crore). Typically, the fund invests ₹150-200 crore, he said.
“It blended with the thesis of investing in established market leaders,” Ritesh Chandra, managing partner, Avendus Future Leaders Fund, said.
The second series of Avendus Future Leaders Fund with a corpus of ₹1,500 crore has so far made six investments, such as Zeta, SBI General Insurance, Lenskart, Xpressbees Licious and Juspay.
The first fund of the series was launched in 2019 to raise $50 million. It invested in Lenskart, Delhivery, VerSe Innovation, Bikaji Foods, National Stock Exchange and Ujjivan Small Finance Bank, according to its website.
Indegene had raised $200 million from Brighton Park Capital and The Carlyle Group in February 2021. It had filed for an initial public offering to raise ₹3,200 crore in December .
While the company plans to raise around ₹950 crore in a primary fund infusion, there is an offer for sale where existing investors will sell around 3.36 equity shares, according to its draft prospectus.
Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle.
Indegene’s revenue from operations came in at ₹1,665 crore in FY22 and recorded a profit after tax of around ₹163 crore.
