Fulcrum makes partial exit from Curatio, ChrysCapital steps in

The undisclosed deal amount yields Fulcrum a cash return of 15x on capital invested and an Internal Ratio of Return (IRR) of 40%. For Fulcrum, this is the second partial exit from Curatio. Its first exit from the company was in 2015 when it sold a significant part of its stake to Sequoia. Through its first exit Fulcrum made 6x on capital invested. 

Fulcrum picked up a majority stake in Curatio in 2005 as a seed stage investor. With its sectoral knowledge and domain expertise, it helped Curatio increase its topline from Rs 60 crore in 2013 to Rs 124 crore in 2017 by improving its operations, product quality and productivity. 

Krishna Ramanathan, its Managing Partner, said, “Fulcrum invests in early growth companies in pharma and healthcare sectors with over $4 million turnover.” Fulcrum has invested in over 15 companies with 7 successful exits. This year, Fulcrum has already made two exits involving Specsmakers and Manna Foods. The single exit from Specsmakers itself has resulted in 69% IRR. The second exit was from Manna which yielded 38% IRR and a 2x in a little over 2 years.

The single exit from Specsmakers has resulted in 69% IRR. The second exit from Manna yielded 38% IRR. GK Ramani, Director, Curatio Healthcare, said, “Fulcrum stays invested since 2005. With Fulcrum divesting and helping us bring Sequoia and ChrysCapital on-board, we can focus on our ambitions of growing into a top dermatology product company in India that provides innovative solutions to our patients.”