InvAscent Invests USD 15 M In Sunways India For A Minority Stake


Sunways India, based in Mumbai, raised $15 million (Rs 122.67 crore) from India Life Sciences Fund III (ILSF III), managed by InvAscent, for a minority stake.

The pharmaceutical company intends to use the funds to accelerate its international expansion, acquisitions, and capacity expansion plans.

Private equity firm InvAscent manages India Life Sciences Fund III, which invests in small and mid-sized businesses in the Indian pharmaceutical, healthcare, animal health, and medical-tech industries. According to its website, it has made about ten investments from the third fund so far.

Sunways’ financial adviser for the transaction was Orbit Financial Capital.

Since 2007, InvAscent, the investment adviser to the India Life Sciences Fund family of funds, has raised approximately $500 million (Rs 4,088 crore) from global investors and has invested in over 30 companies, including Ankura Hospital, Medibuddy, ophthalmology chain Sharp Sight, Strides Pharma Science Ltd, and others.

The Sunways Group, headquartered in Mumbai, was founded in 1951 by Kantilal Shroff and consists of three major entities: Sunways India, Sunways Laboratories, and Sunways Rohto. These companies produce ophthalmic and ENT-focused products, oral medication, and sterile preparations such as pharmaceutical formulations, injections, and eye drops, among other things.

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