India-based pharmacy chain operator Wellness Forever Medicare has received Rs 1.3bn ($17.6m) from food and agriproduct exporter Allana Group and private investor Adar Poonawalla, VCCircle has reported.
Founded in 2008, Wellness Forever runs more than 200 drugstores in Indian cities of Goa, Karnataka and Maharashtra. The chain provides over 30,000 pharmaceutical and wellness products and medical devices.
Wellness Forever will use the cash to increase its store count, expand its private label products under its Amore subsidiary and boost its e-commerce and telecommerce capabilities.
The company is also planning to go public, having appointed investment banking firm JM Financial to conduct a secondary market offering for its shareholders.
Allana had already participated in a $3.2m round for Wellness Forever in 2015, investing alongside high net-worth individuals and family offices including Rajiv Dadlani Group, Raay Global Investments and Thakral Group’s Singapore Angel Network.
Apart from the founders, Poonawalla Group’s Serum Institute of India holds the largest stake in Wellness Forever, and owns roughly 15% of the company. Patni Group and venture capital investor Sajid Fazalbhoy are also shareholders, though it is unclear when they invested.
