New Delhi, Aug. 26 -- Piramal Alternatives, the fund management division of the Piramal Group, said Wednesday it has invested Rs 215 crore ($22.5 million) in Kolors Healthcare India Pvt Ltd , a health and wellness platform in South India.
The investment, made through Piramal Alternatives' India Credit Opportunities Fund II, will help Kolors to expand its clinical network and existing infrastructure, the firm said in a statement.
With the fresh capital, the Telangana-based company plans to expand its network of clinics, enhance existing infrastructure, diversify service portfolio and remake its centres under the "Kolors 2.0 initiative".
"The capital will enable us to accelerate clinic expansion, strengthen our infrastructure, broaden our service offerings and advance our Kolors 2.0 transformation," said Vijaya Krishna, managing director, Kolors Healthcare.
Kolors Healthcare has a presence in Telangana, Andhra Pradesh, Tamil Nadu, Karnataka and Maharashtra, according to its website. The company operates a network of wellness centres offering personalised solutions across weight management, skin care, hair care and aesthetic wellness.
The company says it offers a personalised, long-term health and wellness transformation programme that combines a multidisciplinary team of doctors, nutritionists, physiotherapists, cosmetologists and other wellness professionals with technology-enabled treatment protocols.
"Kolors has built a strong brand and differentiated presence in the rapidly evolving wellness and preventive healthcare segment. Its focus on customer outcomes, disciplined execution and continued investment in technology and service innovation positions it well for sustainable growth," said Kalpesh Kikani, CEO of Piramal Alternatives.
For fiscal year 2024-25, the company's consolidated revenue rose 22% to Rs 228.5 crore and it achieved a net profit of Rs 9.4 crore, according to PrivateCircle data.
Meanwhile, Piramal Alternatives has $1.6 billion under management. It has investors such as Canadian pension funds CPPIB and La Caisse, International Finance Corporation, and global private equity firm Bain Capital. It makes credit and structured investments in mid-market companies to support their business transformation, turnaround, and growth. Its flagship funds are the India Resurgence Fund and the Performing Credit Fund (PCF). The PCF comprises the Piramal Structured Credit Opportunities Fund and the India Credit Opportunities Fund.
Its recent bets include a Rs 125-crore investment in auto parts maker JRG Automotive Industries in July. It also exited Biodeal Pharmaceuticals last month after backing the company through its private credit fund.
Published by HT Digital Content Services with permission from VC Circle.