Kotak Alternate Asset Managers invests Rs 1,050 crore in Tirupati Medicare

Kotak Alternate Asset Managers Limited (Kotak Alts) on Wednesday announced an investment of Rs 1,050 Crore in Tirupati Medicare Limited. This will be used to support Tirupati’s expansion plans and to facilitate a complete exit for the existing investor.

Tirupati, founded in 2005, is a leading player in the nutraceutical, pharmaceutical, and Ayush contract development and manufacturing sectors in India.

“We are excited to partner with Tirupati, the largest player in the Indian nutraceutical contract manufacturing space. With its marquee customer base and extensive manufacturing capabilities across various dosage forms, Tirupati is well-positioned to capitalize on the growth opportunities in the Indian nutraceutical market,” said Eshwar Karra, Managing Partner at Kotak Alts.

“At a stage where the business was growing at an unprecedented rate, we received strong support from Affirma Capital in setting up corporate governance and bringing in efficiencies in overall management. Now, since our growth drivers have shifted to innovation and excellence in our products and services, we look forward to leveraging the deep industry knowhow that “Kotak Alts” brings to the table,” said Ashok Goyal, Director and CEO at Tirupati after the deal.

Kotak Alts is a part of Kotak Mahindra Group (“Kotak”) that focuses on alternate asset management and investment advisory businesses. It was set up in early 2005 and has raised/managed/advised over $22 billion across different asset classes including Private Equity, Real Estate, Infrastructure, Special Situations, Private Credit, and Investment Advisory.