New Delhi, May 20 -- Inviga Healthcare Fund, a healthcare-focused investment vehicle launched by Healthcare Global Enterprises (HCG) founder BS Ajai Kumar, has struck another deal in the single speciality segment months after making a minority investment in a medical device maker.
The private equity-style firm, through Inviga Healthcare Fund I, is buying KKR-backed HealthCare Global Enterprises Ltd's non-core fertility business as the latter focuses on its mainstay oncology services.
HCG which is the sole shareholder is divesting its entire stake in BACC Health Care Pvt Ltd, which operates under the Milann fertility brand, to Inviga for Rs 37.6 crore, according to a stock exchange disclosure. The deal assigns Milann an enterprise value of Rs 63.2 crore, with a net debt of Rs 25.6 crore including lease liabilities.
The transaction will be executed in two tranches--three-fourths of the deal amount or Rs 28.2 crore will be paid upfront upon completion of the transaction, while the remaining Rs 9.4 crore will be paid 18 months from the date of the agreement, the disclosure showed. The transaction is expected to close in the first quarter of the current fiscal.
The divestment will allow HCG to focus on its core oncology business, enabling the company to reinvest capital in high growth areas and cancer services, HCG said. In 2025, private-equity major KKR bought controlling stake in HCG from CVC Capital Partners.
The deal comes after Inviga in November acquired a 21% stake in ophthalmic medical device-maker Forus Health Pvt Ltd in an entirely secondary deal. This marks the fund's third transaction as it deploys capital from its first vehicle, launched in April 2024.
Through the fund, Inviga had earlier invested about $2 million in Mynvax Pvt Ltd, a vaccine development startup, following its first close.
Inviga was founded by oncologist-turned-entrepreneur BS Ajaikumar, also the founder and executive chairman of HCG, and Ajay Garg, founder of Equirus Capital. The fund invests in companies across pharmaceuticals, life sciences, healthcare and health-tech, spanning early, growth and turnaround stages.
The fund marked its first close at $20 million (about Rs 167 crore at the time) in 2024, with Kumar contributing about 90% and Garg the remaining 10%. Kumar had told VCCircle at the time that the fund size could be increased to $45-50 million as more investors come onboard.
The fund typically makes investments ranging between Rs 10 crore and Rs 40 crore. It aims to build a portfolio of 8-12 companies initially, and may roll out another vehicle after the current one meets its deployment targets.
Inviga is currently focussing on portfolio construction, and plans to continue raising commitments from limited partners through 2026. Inviga said in November last year that a final close is expected by the end of 2026.
The fund has warehoused two "significant" deals, one involving a tier II multispecialty hospital and another in a "fast-growing" consumables manufacturer, though their names were not disclosed.
Published by HT Digital Content Services with permission from VC Circle.