Healthcare private equity firm InvAscent, which is investing out of its third fund, has bet on Murli Krishna Pharma Pvt. Ltd.
InvAscent has put Rs 70 crore ($9.25 million) in the Pune-based company, the Mint newspaper said citing Nithya Govind, vice-president of the PE firm.
This is InvAscent's sixth deal from its third healthcare fund India Lifesciences Fund-III.
Earlier this month, VCCircle reported that the fund had invested in a New Delhi-based Sharp Sight Group of Eye Hospitals.
This marked InvAscent's second encounter with the eyecare segment after it had invested in Dr Agarwal’s Health Care Ltd from its debut fund.
Email queries sent to InvAscent and Murli Krishna Pharma seeking comments on the transaction did not elicit a response till the time of filing this report.
Murli Krishna Pharma was founded in 2004 by Satya Vadlamani and Vijay K Shastri.
InvAscent provides growth capital to companies in the Indian pharmaceutical, healthcare and medical-technology industries.
The PE firm's third fund registered final close at $250 million last year in January.
The third fund's other bets are Ankura Hospitals, a woman and child care hospital chain; Intron Life Sciences Pvt. Ltd, a maker of probiotics and biotech products; Strides Consumer Pvt. Ltd, a unit of listed Strides Pharma Science Ltd; and Symbiotec Pharmalab Pvt. Ltd.
InvAscent's second fund -- India Life Sciences Fund-II -- had raised Rs 875 crore ($146 million then) in 2014.
The PE firm's first fund -- Evolvence India Life Sciences Fund -- had raised $100 million in 2006. The fund was anchored by Dubai-based fund-of-funds manager Evolvence.