Sale of Significant Stake in Appasamy Associates to Warburg Pincus – Largest PE deal in Indian Medical Devices (Ophthalmic) Industry


  • Exclusive financial advisor to Appasamy Associates Private Limited (AAPL) and founders’ families on significant stake sale to Shadow Point, an affiliate of Warburg Pincus
  • Played crucial role in highlighting the investment thesis which helped garner strong interest from potential investors
  • Hand-holding the client through the complex transaction/structuring process and provided guidance on deal contours
  • Negotiated valuation and commercial terms resulting in desired outcomes for all stakeholders
  • End-to-end project management ensuring smooth closure


  • Largest PE investment in Medical Devices (Ophthalmology) space in India
  • Sale of significant stake in AAPL to Warburg Pincus
  • AAPL is the largest domestic ophthalmic product manufacturer with presence across entire value chain of ophthalmic equipment, intraocular lenses (IOL), ophthalmic pharmaceuticals products and micro surgical instruments
  • AAPL has significant market share in several products and ranks amongst Top 3 players, by volume, in 15 key product segments across equipment and IOL
  • Vertically integrated manufacturing with strong R&D capabilities – ability to provide high quality products at affordable prices