Venture capital firm IvyCap Ventures on Monday said it has sold its stake in Pharmarack, a healthtech platform that lets businesses automate sales and operations, to generate an annual internal rate of return (IRR) of 104%.
This marks a quick and stellar exit for IvyCap which had invested Rs 21 crore in 2019.
Earlier in January, VCCircle had reported that strategic players including India's top drugmaker Sun Pharma were in the fray to invest in Pharmarack.
Last month, Sun Pharma, Lupin, Cadila Healthcare and Torrent Pharma said they were picking up 20% stake each for Rs 40 crore each in ABCD Technologies LLP, a digital health firm which will be renamed as IndoHealth Services LLP. Later Cipla also entered into an agreement to invest up to Rs 40 crore.
Separately, The Economic Times, citing unidentified people, last week reported that IndoHealth will acquire Pharmarack.
IndoHealth was set up in February 2020 to enable stakeholders to provide better and more affordable patient-care solutions, in line with the National Digital Health Mission. NDHM has the mandate to develop digital health infrastructure for the country.
IndoHealth will be a holding entity and would undertake business through one or more subsidiaries.
IvyCap Ventures, which was founded in 2011 by Vikram Gupta, focuses on an entrepreneur-centric approach, with an emphasis on sectors such as consumer, healthcare, enterprise technology, financial technology and emerging technology.
The venture capital firm's investments include those in biomedical molecular data company Elucidata, healthcare platform BeYouPlus and Internet of Things platform Singularity.
Last month, IvyCap Ventures invested in online apparel firm Bewakoof.
In March, it made a partial exit from Purplle.