CHENNAI: Appasamy Associates Pvt Ltd (Appasamy), a leading Indian manufacturer of ophthalmic equipment and devices in India, announced on Wednesday that Warburg Pincus, a leading global growth investor has acquired a stake in the company.
This is the largest investment in the healthcare sector by the firm in India. Though the financials have not been disclosed, a media report pegged the deal to be bigger than the $210 million (Rs 1,500 cr) that Warburg invested in 2022 to pick up a minority stake in Micro Life Sciences, the parent organisation of medical devices maker Meril Group.
Based in Chennai, Appasamy claims to be the largest Indian manufacturer of ophthalmic equipment and intraocular lenses (IOLs). The company is present across the entire value chain of ophthalmic devices – diagnostic, surgical equipment, and IOLs.
Appasamy will continue to be led by the recently appointed CEO, Senthil Kumar who will drive the business going forward with the support of the promoter family and in partnership with Warburg Pincus.
Arvind Kasthuri, from Appasamy’s promoter family, said, “It is a matter of great pride for us to witness the evolution of Appasamy, from being just an idea of PSN Appasamy, the founder, to becoming a leading player in the Indian and global ophthalmic space, with remarkable growth over the last 40-plus years.”
Narendra Ostawal, Head of India Private Equity, Warburg Pincus said, “Over 40 years, the promoters of Appasamy have built a robust enterprise that has emerged as a leading provider of affordable, high-quality offerings across the complete spectrum of ophthalmic products spanning equipment, lenses, pharmaceuticals and surgical instruments.”
Senthil Kumar, CEO, Appasamy said, “We are witnessing a period of strong growth for the Indian healthcare sector, particularly ophthalmology, and we expect to see significant opportunities in both the domestic and export markets.” Nuvama Investment Banking acted as the exclusive financial advisor to this transaction.