Mankind Pharma acquired a majority stake in Upakarma Ayurveda through one of its subsidiaries on Monday for an undisclosed sum.

Upakarma Ayurveda would be able to broaden its product offering, penetrate the market, and leverage Mankind’s distribution network as a result of the stake acquisition. The operations of the company include the development, manufacturing, and sale of ayurvedic and herbal products.

The stake purchase comes shortly after the ChrysCapital-backed pharmaceutical company filed draught papers for its initial public offering (IPO) with market regulator Securities and Exchanges Board of India (SEBI) in September, which included an OFS (offer for sale) of 4 crore equity shares.

In February, Mankind Pharma, along with the family offices of QRG Group, which owns the Havells brand, invested in the defence startup NewSpace Research & Technologies Pvt Ltd in a larger $21 million funding round.

In the fiscal year ending March 31, 2022, the company reported operational revenue of Rs 7,781.56 crore, a 25 per cent increase over the previous year. In FY21, it made a profit of Rs 1,452.96 crore.

Earlier this year, the company announced its entry into the agritech space by establishing Mankind Agritech with an investment Rs 200 crore over the next 2-3 years.

With a focus on the Indian market, Mankind was founded in 1991 and offers a variety of consumer healthcare products such as emergency contraceptives Unwanted 72, Manforce condoms, Prega-News, Gas-o-Fast ayurvedic antacids, and skin ointment Acnestar.

Among other recent transactions in the space, Bessemer Ventures-backed Medi Assist Healthcare Services recently acquired a majority stake in Mayfair We Care (Mayfair), a UK-based healthcare administration service provider, for an undisclosed cash sum.

Similarly, Aakash Healthcare, a Delhi-based healthcare player, purchased Asia Med Centre in Tashkent, Uzbekistan, for $4 million earlier this month, citing an increase in the number of medical tourists from Uzbekistan visiting India for advanced treatment.

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