BlackSoil Capital and Caspian Impact Investments (Debt) have signed an agreement to merge while Centre for Sight has inked a partnership with Laxmi Eye Hospital. Separately, PharmEasy’s investor Janus Henderson has slashed the valuation of the online pharmacy.
NBFCs Blacksoil and Caspian Debt to merge
Indian Non-Banking Financial Companies (NBFCs) – BlackSoil Capital and Caspian Impact Investments (Debt) – on Wednesday said they have signed an agreement to merge through a share swap.
After the merger is complete and regulatory approvals are received, Caspian Debt will be fully integrated into BlackSoil.
The combined firm, which will have assets under management of Rs 2,000 crore, will have a broader client base and enhanced market presence.
The combined disbursements of both companies stand at over Rs 10,000 crore across 450+ companies. Post-merger, BlackSoil will have a presence across Mumbai, Hyderabad, Delhi, and Bengaluru.
Centre for Sight partners with Laxmi Eye Hospital
Indian eye-care chain Centre for Sight, which recently roped in PE giant ChrysCapital as an investor, on Wednesday signed a partnership with Laxmi Eye Hospital, to expand its presence.
The partnership with enhance Centre for Sight’s presence in Maharashtra to 9 centres.
Laxmi Eye Hospital, established in 1989, serves over 2.5 million patients across four locations – Panvel, Khargar, Dombivili, and Kamothe.
In May, Centre for Sight founder Mahipal Singh Sachdev, who is also a prominent ophthalmologist, told DealStreetAsia that the firm “is looking for both joint ventures (JVs) and acquisitions… we have identified a few potential targets.”
The firm has earmarked as much as Rs 200 crore ($24 million) for mergers and acquisitions as it looks to expand its operations through the inorganic route.
Pharmeasy investor slashes valuation
PharmEasy’s investor Janus Henderson has estimated the Indian online pharmacy startup’s valuation at $458 million, about 92% below its peak valuation.
Once valued at $5.6 billion, Pharmeasy’s implied valuation by the investor comes months after the firm launched a rights issue to raise about $417 million.
In April, PharmEasy had raised Rs 1,804 crore ($216 million) in a round led by Ranjan Pai’s Manipal Education and Medical Group (MEMG) and existing investors, according to media reports.
The round reportedly valued the firm at $710 million, nearly a 90% discount from PharmEasy’s 2021 valuation of $5.6 billion.
PharmEasy, backed by Prosus Ventures and TPG Growth, competes with NetMeds, Practo, and Portea, among others in India.
