Kotak Alternate Invests INR 1,050 Cr in Tirupati Medicare

Ashok Goyal, the Director and Chief Executive of Tirupati highlighted that the focus has shifted to achieving innovation and excellence in products and services, expressing confidence in Kotak Alts’ role during this transformation.

Kotak Alternate Asset Managers has announced an investment of INR 1,050 Cr in Tirupati Medicare to support the company's expansion plans.

This investment also facilitates a complete exit for Affirma Capital, which had previously backed the firm.

Established in 2005, Tirupati Medicare is one of the most prominent players in the nutraceutical contract manufacturing industry.

According to Kotak Alternate Asset Managers Managing Director Eshwar Karra, the company serves a distinguished customer base including Herbalife, Glanbia, Abbott, Haleon, Cipla, Dr Reddy’s, Torrent, Macleods, Pfizer, Lupin, and Dabur. The company manufactures well-known brands such as Optimum Nutrition, PediaSure, Centrum, Endura Mass, Montair LC, Azee, Softovac, and others.

Tirupati Medicare is also noted for having the largest installed capacity for oral solids and powders among Indian nutraceutical contract manufacturers.

Ashok Goyal, the Director and Chief Executive of Tirupati highlighted that the focus has shifted to achieving innovation and excellence in products and services, expressing confidence in Kotak Alts’ role during this transformation.

"As we look forward, this partnership with Kotak Alts will bring expertise in identifying and executing further inorganic growth opportunities for Tirupati," Dinesh Goyal, Tirupati's Founder and Head of Strategy, added.

He also highlighted Tirupati’s recent acquisition of Surya Herbal and intended to collaborate with Kotak Alts to identify and execute further inorganic growth opportunities.

Rahul Shah, Partner at Kotak Alts, noted that Tirupati is poised for significant growth in the domestic market, with plans to expand into exports. He added that the investment would support the company's expansion efforts and prepare for an IPO.

Recently, Kotak Alt invested INR 940 Cr in Neuberg Diagnostics, a leading diagnostics provider in India. This marked the largest primary fund-raise in the Indian diagnostics sector, positioning the company for strategic expansion and advancements in healthcare delivery.