Vora Corporate Finance, Vora Institute, opp Sam's Pizza, off C G Road, Navrangpura, Ahmedabad (2026)

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Vora Institute, Opp Sam's Pizza, Off C G Road, Navrangpura

03/10/2025

Key PE deal May 2025:

To read more, click here: https://vorafin.com/insights/pe-srv-hospitals-secures-rs-140-crore-investment-from-invascent-to-fuel-expansion-and-enhance-critical-care-network/

SRV Hospitals Secures Rs. 140 Crore Investment from InvAscent to fuel expansion and enhance Critical care network.

The funding aims to enhance SRV's growth strategy centered on a critical care-driven healthcare delivery model.

Founded in 2015, SRV operates five tertiary care hospitals across Mumbai, Nashik, and Bengaluru, totaling over 500 beds, and is noted for its consultant-led care and high clinical outcomes.

InvAscent, based in Hyderabad, manages over $800 million in assets and has invested in more than 35 healthcare companies, focusing on pharmaceuticals, healthcare services, and MedTech.

The new capital will facilitate SRV's expansion into new regions, improve medical technologies, and enhance operational efficiency, reinforcing access to quality tertiary care.

The investment supports both organic and inorganic growth strategies, positioning SRV for rapid scaling, following InvAscent’s previous successful investments in HCG Hospitals and Dr Agarwal’s Eye Hospital.

02/10/2025

Key M&A deal May 2025:

To read more, click here: https://vorafin.com/insights/ma-ujala-cygnus-acquires-controlling-stake-in-punjab-based-amandeep-hospitals/

Ujala Cygnus, supported by General Atlantic, has formed a strategic partnership with Amandeep Hospitals to acquire a 60% controlling stake, expanding its footprint in North India.

Amandeep Hospitals
Founded in 1990, operates five super-specialty hospitals with over 800 beds in Punjab and Jammu & Kashmir, focusing on various specialties including orthopaedics and oncology.

Ujala Cygnus
Established in 2011, manages hospitals in Tier-II and Tier-III cities across several states, offering services in 30+ specialties with a team of over 300 doctors, emphasizing care in underserved areas.

Rationale:
This acquisition will increase Ujala Cygnus’ hospital network from 22 to 28, raising bed capacity from around 2,000 to nearly 2,800, reinforcing its status as the largest private hospital network in Jammu & Kashmir.

The deal marks Ujala Cygnus' debut in the Punjab healthcare market, incorporating five facilities in Amritsar, Pathankot, Firozpur, and Srinagar, with plans to explore further establishments in Ludhiana, Jalandhar, and Patiala.

The combined entity aims to enhance service offerings, focusing on tertiary and quaternary care.

In April 2024, General Atlantic acquired a 70% stake in Ujala Cygnus, valuing the chain at Rs. 1,600 Crore and enabling a complete exit for initial investors.

01/10/2025

Stock Market Update May 2025:

To read more, click here: https://vorafin.com/insights/stock-market-update-may-2025/

In April 2025, BSE Sensex closed up 4% at 80,242 while Nifty 50 increased by 3% to 24,334 driven by strong foreign investment and robust corporate earnings.

Market optimism was fueled by hopes of a potential India-US trade deal and recorded high GST collections.

Foreign investors became net buyers, injecting Rs. 4,223 Crore into Indian equities for the first time in three months, reversing earlier outflow trends.

This shift was attributed to positive global signals, anticipation of the trade deal, a weakening US dollar, and a stronger Indian rupee, enhancing the attractiveness of Indian assets.

Despite strong quarterly earnings from major Indian firms, foreign portfolio investors withdrew Rs. 13,314 Crore from the debt general limit and Rs. 5,649 Crore from the debt voluntary retention route.

30/09/2025

IPO in focus May 2025:

To read more, click here: https://vorafin.com/insights/primary-market-update-may-2025/

No main board IPOs occurred in March and April 2025.

India's IPO market started 2025 slowly with only 10 main board listings, as companies faced market volatility and stricter SEBI regulations.

Foreign investor sentiment declined due to Donald Trump's U.S. election win, rising bond yields, and a stronger dollar, leading to outflows from emerging markets like India.

Despite challenges, there’s a robust pipeline with 45 companies approved by SEBI aiming to raise over ₹67,000 crore, and 69 others awaiting clearance to raise over ₹1.15 lakh crore.

Major upcoming IPOs include Reliance Jio, Tata Capital, HDB Financial Services, PhonePe, Lenskart, and LG Electronics India, all targeting valuations above $1 billion.

A drop in deal volume is observed, but an increase in profitable IPOs and larger issue sizes suggests strong fundamentals and a potential rebound as market conditions improve.

29/09/2025

Economic Update May 2025:

To read more, click here: https://vorafin.com/insights/economic-update-may-2025/

The US-China trade war led to an escalation, impacting global trade dynamics significantly.

In April 2025, President Trump imposed tariffs up to 145% on Chinese imports, prompting a swift Chinese response with tariffs of 125% and non-tariff measures against US companies.

Despite a GDP growth of 5.4% in Q1 2025, China exhibited economic fatigue, with declining manufacturing indices and key sectors struggling due to reduced US market access.

Chinese exporters were rerouting goods through Southeast Asia and relocating operations abroad to mitigate tariff impacts.

The US also faced challenges, with a 50% drop in soybean sales and risks to $15 billion in energy exports, alongside a weakened dollar driving up import costs and inflation.

The IMF has lowered its 2025 global growth forecast to 2.8% due to trade uncertainties.

The trade war threatens global institutions like the WTO and undermines US credibility as a stable trade partner, fostering protectionist trends worldwide.

On May 12, 2025, a temporary 90-day tariff reprieve was agreed upon, with the US cutting tariffs to 30% and China reducing theirs to 10%.

Markets responded positively, with global indices gaining 2% to 3.8% after the announcement.

28/09/2025

Key PE deal April 2025:

To read more, click here: https://vorafin.com/insights/pe-dcdc-health-services-private-ltd-dcdc-raised-rs-150-crores-from-abc-impact-the-asia-focused-impact-investor-backed-by-temasek/

DCDC Kidney Care secures Rs. 150 crore from Singapore's ABC Impact to fund expansion.

Founded in 2009, DCDC operates over 200 dialysis centers across India, focusing on public-private partnerships.

Existing shareholders include IFU and ADB; DCDC delivers nearly 100,000 dialysis sessions monthly.

ABC Impact emphasizes investments aligned with UN Sustainable Development Goals, managing over $900 million.

Rationale:
Investment will support DCDC's plan to open 150 new clinics for better accessibility to care.

DCDC aims to enhance last-mile connectivity and expand its services beyond India.

Previous funding includes Rs 82 crore from BII and $15 million from funding rounds in 2014 and 2018.

Expansion addresses the travel burden for patients, as many travel up to 50 km for treatment, improving access under the Ayushman Bharat Yojna.

27/09/2025

Key M&A deal April 2025:

To read more, click here: https://vorafin.com/insights/ma-zydus-lifesciences-limited-acquires-controlling-stake-in-french-orthopedics-firm-amplitude-surgical-sa-for-over-e256-8-million/

Zydus Lifesciences Limited to acquire an 85.6% stake in Amplitude Surgical SA for €256.8 million (over ₹2,400 crore).

A cash tender offer will be filed for the remaining shares at €6.25 each, aiming for a full acquisition valued at €300 million (₹2,850 crore) and delisting from Euronext Paris.

Amplitude Surgical specializes in knee and hip prostheses and has a presence in over 30 countries, with a workforce of 428 employees.

The company has seen growth supported by investments from PAI Partners, focusing on product development and manufacturing enhancements.

Zydus Lifesciences, established in 1995, is a leading Indian pharmaceutical firm with a strong US presence, operating across various segments and with multiple manufacturing and R&D facilities.

Rationale:
Zydus Lifesciences, led by MD Mr. Sharvil Patel, identifies growth potential in Amplitude Surgical, targeting expansion into the global MedTech space.

The company aims to provide advanced medical devices and companion diagnostics to improve patient outcomes, exploring opportunities in orthopedics, interventional cardiology, and nephrology.

Mr. Patel highlights the imbalance in India’s medical device imports versus exports and sees significant potential for growth within the domestic market.

Zydus plans to introduce Amplitude’s products to India, as the latter currently lacks a presence in the country.

The acquisition involves an 80.6% premium over the last closing price and higher premiums over the average prices for the past three to six months.

The Indian orthopedic limb implants market, valued at $791.4 million in 2023, is expected to grow to $1,256.3 million by 2030 due to an aging population and rising orthopedic disorders.

26/09/2025

Stock Market Update: April 2025

To read more, click here: https://vorafin.com/insights/stock-market-update-april-2025/

In March 2025, the BSE Sensex and Nifty 50 saw gains of 5.76% and 6.30%, respectively, after a six-session rally, but ongoing U.S. tariff uncertainty kept investors on edge.

Market gains were fueled by foreign inflows and positive economic indicators, though volatility remained due to concerns over earnings and tariff risks.

On the BSE, 2,501 stocks fell, with 428 hitting 52-week lows, showcasing overall market weakness.

FPIs sold shares worth Rs 6027.77 Crores in March 2025, continuing a trend from February 2024.

The merchandise trade deficit increased to $79.2 billion in Q3FY25 compared to $71.6 billion a year earlier.

India's external sector faced challenges, with net FPI outflows of $22 billion since October 2024, contributing to a drop of $50 billion in forex reserves, now at $654 billion.

Net services receipts rose to $51.2 billion in Q3FY25, up from $45 billion the previous year, driven by growth in various service sectors.

The CareEdge Global Economy Update highlighted an economic landscape troubled by trade wars, rising gold prices, and fluctuating currencies impacting global growth prospects.

25/09/2025

IPO in focus April 2025:

To read more, click here: https://vorafin.com/insights/primary-market-update-april-2025/

March 2025 saw no main board IPOs, down from four in February.

Overall IPO activity has declined, with only 07 SME IPOs in March compared to 06 SME in February.

This drop follows a busy 2024, which had 91 IPOs raising Rs. 1.6 lakh crore.

Key drivers in 2024 included strong retail participation, a resilient economy, and high private capital expenditure.

Recent market corrections have caused a slowdown, as seen with just five IPOs in January and four in February 2025.

25/09/2025

Economic Update April 2025:

To read more, click here: https://vorafin.com/insights/economic-update-april-2025/

Trade tensions and geopolitical risks are heightening global economic uncertainty as the US President escalates a tariff war with both allies and adversaries.

On April 2, 2025, dubbed "Liberation Day," the President signed an executive order imposing a 10% minimum tariff on all imports and higher tariffs on 57 nations, effective starting April 5 and April 9, respectively.

The formula for calculating reciprocal tariffs simplifies to dividing the US goods trade deficit with a country by its total goods imports from that country, then halving it.

Example: With a $295bn deficit and $440bn in imports from China, the resulting tariff is 34%.

The EU faces a 20% tariff based on the same formula.

Impact:
The Nasdaq dropped 14% in 32 trading sessions, entering bear market territory, and the U.S. market lost over $6 trillion in just two days.

Markets showed a brief recovery on April 8, 2025, amid reassurances from U.S. officials regarding temporary tariffs on the EU, India, and Cambodia.

Despite initial gains, the S&P 500 fell 1.6%, along with declines in the Dow Jones and Nasdaq.

Reactions:
Trump claimed many countries seek a deal while Beijing vowed to retaliate against U.S. tariffs, leading to fears of escalated trade tensions.

Prominent figures warn of potential economic risks and elevated inflation, with Goldman Sachs estimating a 45% chance of a U.S. recession in the next year.

The unfolding trade situation may benefit India, as companies may adopt a “China +1” strategy to reduce dependency on China by moving production to other countries.

24/09/2025

Key PE deal March 2025:

To read more, click here: https://vorafin.com/insights/pe-invascent-invests-rs-110-crore-in-geri-care-health-services/

InvAscent invests INR 110 Crore in Geri Care Health Services, focusing on senior citizen healthcare.

Geri Care, founded in 2018 by Dr. Lakshmipathy Ramesh, provides a full spectrum of services including hospitals, assisted living, and home care, serving over 10,000 elderly individuals in South India.

InvAscent, a leading life sciences PE firm, manages significant assets and has invested in 35+ companies across various healthcare sectors.

The investment aims to expand Geri Care’s reach in Southern India, including new facilities in Bengaluru and Chennai.

The partnership aligns with InvAscent’s focus on enhancing high-quality healthcare services, addressing the growing needs of India's senior citizen population expected to hit 194 million by 2031.

The geriatric care market in India, valued at $25.7 billion (2021), is projected to grow to $42.2 billion by 2028.

Notable competitors in the market include Emoha Elder Care and Antara Senior Care, with recent investments made by Morgan Stanley and Quadria.

Vora Corporate Finance

03/10/2025

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24/09/2025

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