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

NUVAMA CONTRIBUTION

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

We successfully advised CashKaro on securing Series C fund raise led by Affle Global Pte. Ltd.
Investment will be used for growth, scaling of business & operations, brand building and hiring new talent
The deal further strengthens our ability to provide best-in-class advisory services to new-age internet companies

CashKaro is India’s largest cashback and deal discovery platform in the growing e-commerce and D2C space
Company has a partner base of 1,500+ retailers and 20mn+ registered users
Founded in 2013, it is backed by marquee investors like Kalaari Capital, Ratan Tata & Korea Investment Partners

We successfully advised Kinara on its fresh equity round led by British International Investment, the UK’s development finance institution and impact investor with investments in over 1,300 businesses and total assets of £7.7 billion, with participation from existing investors Nuveen & Triple Jump’s AMP Fund
This equity investment will aim to propel Kinara Capital to grow 5x by 2025 and reach an AUM of INR 60,000 million by democratizing access to formal financial inclusion with its myKinara App

Kinara Capital is a fast-growing fintech propelling financial inclusion of small business entrepreneurs in India
One of the few Companies that has delivered growth, profitability & resilience despite multiple economics shocks over the past 7 years
Kinara offers both a fully digital process with its vernacular-friendly myKinara app and doorstep customer service with 125 branches serving small business entrepreneurs across 100+ cities in India
Powered by advanced use of AI/ML, the company’s app can process a loan application & disburse within 24-hours
Headquartered in Bangalore, Kinara Capital is qualified as a Systemically Important NBFC by the Reserve Bank of India, Kinara Capital is a debt-listed entity on the Bombay Stock Exchange (BSE)

We successfully advised Kinara on its fresh equity round led by Nuveen, a leading global investment manager with over USD 1.3 tn of assets under management, with participation from Triple Jump, a Dutch impact-focused investment manager
Kinara would use the capital raised to fuel its growth. As it aims to grow by 500% by 2025 with plans to disburse INR 10,000 crores of MSME business loans in the next three years

We acted as the exclusive financial advisor to Kinara Capital in the transaction
We played a pivotal role in highlighting the investment thesis, marketing, structuring, valuation & executing the transaction
Ensured a successful completion despite covid induced sector headwinds
End to end handholding and guidance on all transaction related matters till closure

Kinara Capital is a fast-growing fintech propelling financial inclusion of small business entrepreneurs in India, the company is globally recognized for disrupting MSME financing
One of the few Companies that has delivered growth, profitability & resilience despite multiple economics shocks over the past 7 years

The deal involves a private equity investment by ICICI Venture in Epack Durable Private Limited (Epack) for a minority stake
Epack would use the funds raised to expand existing manufacturing facilities and set up new greenfield manufacturing plants
The transaction reaffirms strong investor interest in the ‘Make-in-India’ theme
The deal further strengthens our IB’s Industrials franchise and once again demonstrates our ability to close marquee deals for quality clients, independent of the market environment

Epack is India’s 2nd largest ODM/OEM manufacturer of Air Conditioners and a leading manufacturer of Small Home Appliances including Induction Cooktop, Juicer Mixer Grinder and Water Dispenser

As the Exclusive Financial Advisor, we played a critical role in highlighting the investment thesis, marketing, structuring and executing the transaction to meet objectives of all the stakeholders