Introduction

The Indian Healthcare industry is on a growth path with all areas of Healthcare including Pharmaceuticals, Medical Devices, Diagnostics, Biotech, Hospitals, Healthcare Delivery and Insurance playing a key role in the development of this sector.

We expect strong growth for the industry over the next several years, with some segments growing north of 15% annually. Welcome to Somerset Indus Capital Partners - a firm specialising in growth equity based investments in privately held, well-managed Indian healthcare companies seeking capital to scale-up profitable, proven business models.

About Us

About Us

Somerset Indus Capital Partners seeks to make private equity and equity-related investments primarily in growth-oriented healthcare companies in India. Somerset is led by Avinash Kenkare on the offshore fund side, a private equity professional with eighteen years of successful investing experience in over fifteen transactions, and duly assisted by Mayur Sirdesai on domestic fund side, a healthcare professional with over twenty years of experience in the Indian Pharma/ Healthcare Industry with both private equity, operational and consulting services related experience.

The Fund expects to make controlling or influential minority investments in Indian healthcare companies, in connection with various transaction structures including leveraged buyouts, build-ups and growth financings. The expectation is that Avinash will use his successful private equity investment experience and healthcare systems knowledge together with the able assistance of Mayur's in depth India specific healthcare experience and knowledge base to make investments in Indian healthcare companies that can deploy the capital successfully to grow their business and increase profitability. Somerset's investment professionals have committed a significant amount of personal capital to the Fund.

 

Investment Focus

The Indian healthcare industry is on a growth path with all areas of healthcare including Pharmaceuticals, Medical Devices, Diagnostics, Biotech, Hospitals, Healthcare Delivery, Animal Health and Insurance playing a key role in the development of this sector.

Pharma forms the traditional bastion of this sector but the other areas are fast emerging with the advent of hospitals and other healthcare delivery platforms in all tiers of the market. With increasing affluence, access to healthcare is becoming increasingly important and large investments are being made to improve the access and expand the market either through market penetration, creation of new market segments or optimising existing market segments.

Our Approach

Historically, for Indian PE investments, the average deal size has been below $15 million , but with the advent of global private equity funds, the average deal size has been increasing, and increasingly, capital is seen chasing larger deals.

Our Approach

The Fund's strategy is to target investments in the $5 million range where the need for capital remains significant, and where capital can be deployed most productively.

Although, buy-outs may gain favor in the longer term, India will continue to be a growth market, and the Fund will concentrate on growth equity investments in its sectors of focus.

As the PE market matures, and access to capital ceases to be a significant issue, Indian companies will value PE investors for their sector knowledge, operating expertise and ability to provide access to global markets.

Somerset Indus focuses on the healthcare sector where its investment professionals have extensive knowledge, relationships with domestic players, and access to and experience dealing with global participants that can bring new technologies and provide access to new markets. The fund engages with its portfolio companies extensively in areas of portfolio expansion, talent acquisition and strategy and operational aspects.

Investment Process

  • Healthcare & Allied area Focus
  • Strong Management
  • Entrepreneurial Passion
  • Growth Focus
  • Innovation - Technology or Business Model
  • Acceptance of Acceleration/ Scale up advisory - Mentoring process
  • Scalable business model

Investee Company Criteria

Fund will be an active long term value-adding investor with an ability to influence key decisions.

Terms of investment will be a key criterion for investment. Principal rights that the fund seeks will include:

  • Board representation
  • Consent rights on key corporate decisions
  • Information rights
  • Anti-dilution
  • Exit related rights

Fund will principally add value in the areas of:

  • Strengthening the Board
  • Recruitment of key organizational positions, particularly CFO/COO
  • Focus on strategy formulation and execution, including an emphasis on developing cross-border Indo/US organizations
  • Expanding investment banking relationship for the portfolio company's future growth needs

our portfolio

  • Current Portfolio
  • Exited Portfolio

Hexagon Nutrition Pvt. Ltd

Hexagon Nutrition Pvt. Ltd. is a home grown nutrition products company with a portfolio of micro-nutrient premixes and clinical nutrition products. Micronutrient premixes are supplied across 70+countries and Clinical Nutrition products such as Pentasure, Pedia Gold, and Obesigo are supplied to hospitals, and available over the counter. The strong product development and manufacturing infrastructure of the company is well poised to support the scale up of operations in the coming years. The aim of the company is to become a leading global nutritional products company with strong brands and presence in the domestic, semi-regulated and regulated markets.

http://hexagonnutrition.com/

Browndove Healthcare

Browndove Healthcare Private Limited is a renal care consumables Company with long standing relationships in the renal care/ dialysis market in India. It has been successfully distributing an extensive range of products across the renal consumable value chain under its own brand name. To support growth and scale up of operations, the Company is strengthening its distribution coverage across India and also building a manufacturing base which will allow it to add on to its product portfolio. The vision of the Company is to be an integrated player in the renal care product market dealing in consumables, machines, fluids and pharma.

http://www.browndove.com/

Prognosys Healthcare

Prognosys Healthcare Private Limited is a company that provides Tele-Health solutions to the Healthcare industry. Its solutions are currently being used by both state government networks like Maharashtra as well as the private sector. The tele-health solution includes tele-consults, diagnostics (imaging, vital sign monitoring and pathology) and remote monitoring capabilities using various medical devices, which can help increase the access to healthcare in lower tier markets. The company intends to work with technology partners to expand its reach with the government health networks as well as provide specialty based solutions like cardiac care and home healthcare within the private sector.

http://www.prognosysmedical.com/

Chayagraphics Healthcare

Chayagraphics Healthcare Private Limited operates in the medical imaging consumables distribution space. The Company has a well-established distribution network especially in South India. The Company plans to launch its own branded products in the medical imaging consumable space and add a disinfectant product line to its portfolio. Towards this, the company is looking for sourcing products as well as strengthening its distribution network across India.

http://www.chayagraphics.com/

Krsnaa Diagnostics

Krsnaa Diagnostics operates state-of-the-art diagnostics centers that offer a combination of MRI, CT Scan, radiology and pathology services in metros as well as Tier I and Tier II cities. The Company partners with state government run hospitals, private medical colleges and large private hospitals to offer such services at highly attractive, affordable prices. This disruptive model increases access to MRI and CT Scan services in particular to all segments of society including lower and middle income groups.

www.krsnaadiagnostics.com

Prognosys Medical Systems

Prognosys Medical Systems is a medical imaging equipment manufacturer focused on developing, manufacturing, and marketing digital radiology solutions for domestic and other developing markets. Prognosys is building a high quality manufacturing base and expanding its sales and service network to provide access to digital radiology solutions across small towns in India. Chayagraphics is a sister concern which focuses on medical imaging consumables distribution for the Indian market.

www.prognosysmedical.com

Cygnus Medicare

Cygnus Medicare is a super-specialty chain of hospitals with a network of 100-bedded tertiary care hospitals across Delhi and Haryana. It operates a differentiated asset-light model by leasing the facilities and by adopting an outsourced model for capital intensive specialties.

www.cygnusmedicare.com
Cygnus Medicare
Browndove Healthcare
Prognosys Healthcare
Chayagraphics Healthcare
Krsnaa Diagnostics
Prognosys Medical Systems
Cygnus Medicare

Sandor Medicaids

Sandor Medicaids is a marketer, seller, and distributor of specialty pharmaceutical, diagnostic, and medical technology products in India. It focuses on providing high technology biomedical and biotechnology products to the critical care segment of hospitals.

www.sandor.co.in

 

Sandor Medicaids has a joint venture called Sandor Nephro, a nephrology business providing dialysis services across the country. It currently provides in-hospital dialysis services through an implant model where the hospital provides nephrology support, space, and basic infrastructure and Sandor Nephro provides dialysis equipment, consumables, man-power, and services management. Sandor Nephro operates under the brand name 'Sparsh Nephrocare'.

www.sparshnephrocare.com

Express Clinics

Express Clinics is a provider of general practitioner, specialist consultation, and diagnostic services under one roof. It operates a chain of such clinics focused on providing a new age integrated healthcare model.

www.expressclinics.in
Sandor Medicaids
Express Clinics

Our Team

Somerset represents an opportunity to invest behind a team led by an experienced and disciplined US investor with a very successful investment track record with the assistance of an individual with over 15 years of experience in the Indian healthcare industry who has first hand knowledge of the Indian healthcare environment.

Avinash Kenkare Avinash Kenkare
Name Mayur Sirdesai
Name Kannan Ramesh
Name Sharad Ladha
  • Avinash Kenkare, a private equity professional with over seventeen years of successful investing experience.
  • Prior to founding Somerset Indus Capital Partners LLC, Avinash was a Managing Partner of Somerset Healthcare Advisors, LLC, and worked for Health Evolution Partners, a $500 million US based healthcare focused private equity fund, co-leading their efforts in investing in lifesciences companies primarily in the US.
  • Joined DLJ Investment Banking in 1998 and DLJ Merchant Banking in 1999.
  • Since joining the Merchant Banking group, he concentrated on DLJMB’s healthcare initiatives, working on most of DLJMBP III’s healthcare transactions, including Warner Chilcott, Accellent, Nycomed, Kinetic Concepts, and Thiemann.
  • Worked for The Carlyle Group in New York focused on Carlyle’s healthcare investments.
  • Served as a Director of Nycomed Pharma, BioPartners, Next Pharma Technologies, Accellent Corporation and Focus Diagnostics. Currently a Director of CeeLite Technologies, Endstream Communications, PreKlin Research Labs, and Pune based Specialty Sintered.
  • Prior to DLJ, he ran CASI, Inc., an engineering consulting company.
  • Graduated from Howard University magna cum laude in 1982 and Lehigh University in 1984 and received an MBA with Distinction from Wharton in 1998
  • Mayur Sirdesai has over 19 years of experience in Private Equity, Healthcare/ Pharma and FMCG and has worked in various roles like Private Equity Investments, Strategy, Advisory Services, Operations, Manufacturing and Marketing in this sector and has developed a strong network across the Indian Healthcare sector at the Senior Management Level and have worked in large professional companies as well as family run organizations in an entrepreneurial framework.
  • Earlier, Mayur was an Executive Director at a Healthcare Corporate Advisory Firm providing Strategic Advisory services to the Pharma/ Healthcare sector including Growth Strategy advisory, M&A and Licensing including cross border transactions with Israel, Australia and Japan.
    • Established a Medical device company based on Israeli MedTech products as well as arranged for funding for Healthizen - a company based on developing patient profiles and providing products and services through a digital marketing format.
  • Worked towards licensing the technology related to Dental Stem Cell Banking from a French Innovator and also establishing an operating business model and regulatory process in India.
  • Established a successful and highly productive Consulting practice of IMS Health in India from 2005 to 2009 and advised Major MNC and Indian Companies on their Growth Strategies, Acquisition strategies and Market Entry strategies in India and Globally - worked with most leading companies like Abbott, Wyeth, Bayer, UCB, Roche, Pfizer, MSD, Merck KGA, Ranbaxy, Astra Zeneca, Walgreens, Zuellig Pharma, Intas, Torrent, Zydus, Alkem, Lupin, Sanofi Aventis, Unichem, Micro, USV, Glenmark, Solvay, Panacea, Orchid, Shasun and many others and built a large network across the Pharma landscape.
    • Generated revenue of USD 3 Million within two years of launch. Practice areas include Portfolio Optimisation, Partnerships, Licensing, Acquisition, Sales Force Effectiveness, Doctor Profiling and Targeting, Brand Strategies, Pricing and Reimbursement, Market Access, Market Assessments and Growth, Entry Strategies, Performance Management and Promotional Management, OTC and Rural access. Familiar with Specialty Therapy areas like Vaccines, Specialty Gynac (IVF), Oncology, Transplants, Hepatitis B and C, Biologicals in Oncology, Crohn's disease, Arthritis, Ulcerative colitis, Psoriasis, Hospital anti-infectives, Stem Cells, OTC market
  • Was a Director of Kare Group - a leading Indian Pharma Contract Manufacturing group during the late 90s and early 2000s - developed strong operations experience across Manufacturing and Marketing and also in developing a family oriented group into a professional operation.
    • Built and operated large volume Manufacturing facilities in Goa - operated 3 manufacturing facilities comprising formulations in Solid Orals - Tablets and Capsules, Liquid Orals, Ointments, Creams, Injectables, Ophthalmic Formulations, Dusting Powders and Beta- Lactum products
    • Built one of the largest Indian Contract Manufacturing businesses at its time which served most leading MNC and Indian Pharma companies as well as operated Pharma Marketing operations across South India.
  • Headed the Business Development Function at German Remedies (a consortium of German companies like Asta Medica, Schering, Boehringer Ingelheimetc. and a market leader in the Respiratory and Contrast Media segments) and was involved in creating a strategy for acquiring an Indian Pharma company as well as establishing the OTC strategy of the organisation.
  • Member of the Strategy and Special Projects Group at Colgate- Palmolive and was involved in acquisition and integration of Cibaca as well as setting up of a Di-Calcium Phosphate plant.
  • Mayur graduated from IIT Bombay in Chemical Engineering in 1987 and then did a Masters in Chemical Engineering from Penn State University and an MBA in Finance from University of Texas at Austin.
  • Ramesh Kannan has over 25 years consulting experience in Management, Business, Finance and Strategy of which 10+ years in Healthcare Consulting
  • Healthcare Strategist, Business Strategy and Catalyst, Innovation and Transformation Specialist, Pro-active, participative, personalized involvement in a Company's affairs and enabling the Company to achieve its objectives
    • Resource Raising - Debt, Structured Debt, Equity, Private Equity
    • Help Companies in - 1. Local consolidation 2. Regional aggregation 3. Pan India Expansion 4. Global integration
    • Identifying opportunities, strategizing and enabling relationships through alliances, partnerships, joint ventures, special purpose vehicles
    • Proactively bringing to the table strategic and financial relationship opportunities, alliances and partnering prospects, joint venture, special purpose vehicle options, solicitation, mergers & acquisitions, Leveraged Buy Outs and more
    • Managing and Monitoring the strategic business initiatives and alliances to maximize value for the Company
    • Ability to ideate, conceive, conceptualize, create and consummate from scratch till operationalization in healthcare
  • Has worked with various Healthcare delivery groups in South India to raise funds through Private Equity and is familiar with the entire deal process, documentation and monitoring processes followed by the PE community.
  • A cutting edge perspective, clarity and understanding of issues concerning an Enterprise and playing significant co-leadership role (from outside) with promoter/s in transforming the Company.
  • Fellow Member of the Institute of Chartered Accountants.
  • Associated and advised Healthcare Brands like - RV Hospitals, Vasantha Subramanian Hospitals ( VS Hospitals ), VS Biotech, Muthu Medicals, Gunasheela IVF, NU Hospitals, NU Trust, Kosmoderma Clinics, , Sparsh Nephrocare, Jananam Fertility, Qikwell, Impulse Technologies, Dhiti Omics, Sahyadri Hospitals, Vikram Hospitals , HCG ( BIO & Curie ), Indus Health Plus, Image Hospitals Jhankaria Imaging ( now SRL), Mallya Hospital, GVN Hospitals, Express Clinics, White Cross Clinics, White Lotus Clinics, ISIS Medicare, Pinnacle, CK Group, Ayurvaid, Fungroo, Evolko, Arvee Synthesis, Vanguard Therapeutics, Genotypic, QTLomics, Motherhood, Cloud 9
  • Sharad Ladha has over 15 years of experience, in private equity and corporate strategy.
  • Has worked with private equity fund Subhkam Ventures were he lead the investment team in making investments in Financial Services, IT, Healthcare, Consumer, etc. segments. Participated in 4 investments and 2exits. Monitored & helped portfolio companies in business strategy, fund raising, business tie-ups, etc.
  • Previously associated with Times Group as an advisor on strategy for their vocational education business.
  • Lead the strategy & planning team at Birla Sunlife Insurance where he helped the company to acquire distribution network and grow organically by introducing new product / business lines.
  • Lead assignments at A F Ferguson (Deloitte) and helped clients carry out financial restructuring, & feasibility studies. Assisted them in formulating entry strategy, mergers & acquisition. Also, assisted clients in business process reviews and improvements.
  • At TCS was involved in carrying out Business Process Reengineering assignments for clients and also assisted clients in aligning business post merger& acquisition.
  • Institute of Chartered Accountants of India.

Contact Us

Our Location

Somerset Indus Capital Partners LLC
c/o Kross Border Trust Services Ltd.,
St Louis Business Centre,
CnrDesroches & St Louis Streets,
Port Louis, Mauritius