Dialysis chain NephroPlus, backed by Bahrain-based private equity firm Investcorp, on Monday said a top executive from India's first publicly listed diagnostics chain has joined its board of directors.
Om Manchanda, managing director at Dr Lal PathLabs, has been appointed as independent director.
Vikram Vuppala, founder and CEO of NephroPlus, noted that the appointment will help the dialysis chain expand in domestic and overseas markets.
Manchanda, an IIM-Ahmedabad post-graduate, had joined Dr Lal PathLabs in 2005 as operations chief. This was also the year when the diagnostics chain got its first private equity funding from WestBridge Capital.
He became CEO in 2008 and in 2015 led the company to a public listing.
NephroPlus, which is operated by Nephrocare Health Services, was founded by Vuppala, Sandeep Gudibanda and Kamal Shah in 2009.
The company had attracted $45 million from Investcorp as part of its Series D round in November 2019. In the process, it also gave a full exit to SeaLink Capital, which had invested in 2016, while older investors Bessemer Venture Partners and International Finance Corporation (IFC) retained stakes.
In 2018, NephroPlus acquired DaVita Care India. This was the second major acquisition in the dialysis segment involving a private equity-backed company.
In October last year, NephroPlus bought a majority stake in a Philippines-based company in its first overseas acquisition.