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

27/08/2026

India’s economy continues to demonstrate resilience amid global uncertainty.

Through June 2026, healthy domestic demand, improving rural consumption, sustained urban activity, and resilient industrial and services sectors supported India’s growth momentum. At the same time, a recovery in foreign direct and portfolio investment signalled renewed investor confidence.

Key economic developments:
• Strong domestic demand supported overall economic activity.
• Industrial and services sectors remained resilient.
• Foreign capital flows showed signs of recovery, supporting market sentiment.
• India–UK trade developments and other bilateral agreements could further strengthen trade and investment.
• Adequate foreign exchange reserves provided a strong external buffer.
• Improved banking-system liquidity continued to support credit growth and investment.

However, risks remain from geopolitical tensions, crude oil volatility, global trade disruptions, and uneven monsoon conditions.

Overall, India entered Q2 FY2026–27 with steady domestic momentum, improving capital inflows, and strong external buffers—reinforcing its position as one of the fastest-growing major economies.

Read more: https://vorafin.com/insights/

12/08/2026

Key Private Equity Deal | June 2026

Rapido has secured $240 million in funding led by Prosus, alongside WestBridge Capital and Accel, taking the company’s valuation to approximately $3 billion.

The investment forms part of a larger $730 million financing initiative and strengthens Rapido’s position in India’s rapidly evolving urban mobility market.

Founded in 2015, Rapido operates across 400+ cities, offering bike taxis, auto-rickshaws, food delivery, and parcel delivery services.

Key Highlights:
• Funding led by Prosus with participation from WestBridge Capital and Accel.
• Capital will support expansion into existing and new markets, technology upgrades, and operational efficiency.
• Rapido aims to strengthen its multi-modal mobility ecosystem and compete more aggressively with Uber and Ola.
• Focus areas include increasing women captains, improving rider safety, and developing new demand corridors.
• FY25 revenue grew 44% to ₹934 crore, while net losses declined by 30.5%, highlighting improving scalability and operating performance.
• The investment reflects strong private equity and venture capital confidence in India’s growing urban mobility and technology ecosystem.

With rising demand for affordable transportation and flexible earning opportunities, Rapido’s latest funding marks another significant milestone in the evolution of India’s mobility sector.

Read more: https://vorafin.com/insights/

07/08/2026

Key M&A Deal | June 2026

Cloudnine Hospitals (Kids Clinic India Ltd.) is set to acquire Apollo Health & Lifestyle Ltd.'s maternity, childcare, and fertility businesses for ₹1,550 crore (US$160–161 million), creating one of India's largest integrated women's and child healthcare platforms.

As part of the transaction, Apollo Hospitals will receive cash while retaining a 9.9% stake in the combined entity, valuing Kids Clinic at approximately ₹7,930 crore.

Founded in 2006, Cloudnine operates 46 hospitals across India and is backed by leading investors including Temasek and TPG NewQuest. The acquisition of Apollo Cradle and Apollo Fertility will significantly strengthen its presence in maternity care, neonatal services, and fertility treatments.

Why this deal matters:
• Creates a stronger national healthcare platform focused on women and child care.
• Expands Cloudnine's leadership in maternity, fertility, and neonatal healthcare.
• Enables Apollo Hospitals to unlock value and reinvest capital into high-growth healthcare businesses.
• Reflects the ongoing consolidation trend in India's healthcare sector and growing investor confidence in specialized healthcare platforms.

This transaction is another milestone in India's evolving healthcare landscape, where strategic acquisitions continue to drive scale, operational excellence, and long-term value creation.

Read more: https://vorafin.com/insights/

03/08/2026

Key Private Equity Deal | May 2026:

To read more, click here: https://vorafin.com/insights/

Everstone Capital has invested approximately $270 million (₹2,510 crore) for a significant stake in Apothecon Group, a specialty pharmaceutical platform formed through the combination of Gujarat-based Apothecon Pharmaceuticalsand US-based Navinta.

The transaction also includes participation from Waymade Capital, while founders Dr. Mahendra Patel and Joe Renner continue to retain meaningful ownership, reinforcing long-term leadership and strategic continuity.

Established in 2003, Apothecon Group specializes in complex and specialty pharmaceuticals with 20+ approved ANDAs, 100+ product dossiers, and a workforce of over 800 professionals serving regulated global markets.

Strategic Highlights:
• Everstone expands its healthcare portfolio with a high-growth specialty pharmaceutical platform.
• The investment will accelerate manufacturing expansion, R&D capabilities, and product development across India and international markets.
• Increased focus on complex formulations, specialty generics, and regulated global markets.
• Supports future strategic acquisitions to strengthen the company's global presence.
• Reflects rising private equity interest in India's specialty pharmaceutical sector amid global supply chain diversification.
• Reinforces India's position as a preferred destination for pharmaceutical manufacturing, innovation, and exports.

This transaction highlights the growing confidence of private equity investors in India's pharmaceutical sector and the increasing global demand for scalable specialty healthcare businesses.

31/07/2026

Key M&A Deal | May 2026:

To read more, click here: https://vorafin.com/insights/

Sun Pharmaceutical Industries is acquiring Organon & Co. for $14 per share in an all-cash deal worth approximately $11.75 billion, making it the largest acquisition in Indian pharmaceutical history and one of the biggest outbound healthcare transactions globally.

The acquisition will be financed through Sun Pharma's cash reserves and committed bank facilities, reinforcing its strong financial position while accelerating its global expansion strategy.

Organon, a global women's health company spun off from Merck in 2021, operates in more than 140 countries with a portfolio of 70+ products across women's health, biosimilars, and established medicines.

Founded in 1983, Sun Pharma has grown into India's largest pharmaceutical company with operations across 100+ countries. Through this acquisition, the company is significantly strengthening its position in innovative medicines and specialty healthcare.

Strategic Highlights:

• Largest pharma acquisition by an Indian company.

• Positions Sun Pharma among the Top 25 global pharmaceutical companies with estimated revenues of $12.4 billion.

• Strengthens its ambition to become a Top 3 global player in Women's Health.

• Expands global footprint to 150 countries, with 18 markets generating over $100 million in annual revenue.

• Enhances branded generics and specialty portfolio while creating long-term value through innovation.

• Organon's 2025 revenue stood at $6.2 billion with $1.9 billion Adjusted EBITDA, providing strong and diversified cash flows.

• The announcement was positively received by the market, with Sun Pharma shares rising over 8%.

This landmark transaction reflects the growing confidence of Indian pharmaceutical companies in pursuing transformational cross-border acquisitions and building globally competitive healthcare businesses.

29/07/2026

Key PE deal April 2026:

To read more, click here: https://vorafin.com/insights/pe-sfo-technologies-secures-82-mn-rs-750-crores-from-pe-investors-trident-and-amicus-lead-round/

SFO Technologies Secures $82 Mn (Rs 750 Crores) from PE Investors; Trident and Amicus Lead Round

Founded in 1990, SFO Technologies is the flagship company of the NeST Group and a vertically integrated EMS provider. It operates 24 manufacturing facilities, across Kochi, Bengaluru, and Pune, serving sectors such as aerospace, healthcare, energy, communications, industrial, and transportation, with a client base that includes several Fortune 500 companies.

Trident Growth Partners: A growth-stage PE firm led by former partners from Premji Invest and IFC. This transaction marks the third investment from its Rs.2,000 crore maiden fund.

Amicus Capital Partners: A mid-market focused PE firm that targets category-leading businesses in sectors such as specialty manufacturing, healthcare, and technology. Its portfolio includes companies like Aequs and Eka Care.

Rationale:
SFO will deploy the capital over the next two years to expand capacity, pursue backward integration through components manufacturing, and strengthen its global presence.

A key strategic focus of this investment is to deepen backward integration, reducing reliance on external supply chains and improving margins

The funding will support SFO’s ambition to scale from a domestic player into a leading global EMS platform, strengthening its international presence.

The deal underscores the "China Plus One" strategy and the structural shift in India’s EMS sector towards high-complexity, engineering-led manufacturing ("Develop in India").

Beyond capital, the investors bring strategic relationships, operating expertise and global networks to support SFO’s growth and governance.

For FY25, SFO reported a revenue of Rs. 2,865.5 crore (up 7% YoY) and an EBITDA of Rs. 265.34 crore (up 16% YoY), reflecting steady growth and improving operating performance.

29/07/2026

Key M&A deal April 2026:

To read more, click here: https://vorafin.com/insights/ma-nova-ivf-picks-up-majority-stake-in-keralas-craft-hospitals-at-40-mn-valuation/

USV Private Limited acquires 79% Stake in Wellbeing Nutrition

Nova IVF picks up majority stake in Kerala’s CRAFT Hospitals at $40-mn valuation marking Nova IVF’s formal entry into the high-potential Kerala market, expanding its footprint in South India.

Founded in 1987 by Prof. Dr. C. Mohamed Ashraf, CRAFT (Centre for Research in Assisted Reproduction and Fetal Therapy) is well-established fertility care provider with nearly four decades of clinical legacy in reproductive medicine.

Founded in 2011 and acquired by Asia Healthcare Holdings in 2019, Nova IVF Fertility is among India’s leading fertility service providers operates 120+ centres across 70 cities, performing approximately 19,000 to 21,000 IVF treatments annually with a team of 150+ fertility specialists and 200 embryologists

The acquisition plugs a key geographic gap for Nova in Kerala, where it previously had only 1 centre (Palakkad). proving immediate access to CRAFT’s established brand equity and massive patient base in the region.

Following the acquisition, the combined entity plans to launch 10 new IVF centres across urban and tier 2/3 cities in Kerala over the next 3 to 5 years.

The deal combines CRAFT’s clinical excellence and surgical expertise with Nova’s national network and advanced technologies like AI-based embryo selection, PGT (Preimplantation Genetic Testing), and international-standard lab protocols.

Kerala remains a high-potential market with fertility rates declining to 1.3 - 1.7 vs replacement level of 2.1, driving demand for assisted reproductive services.

The deal reflects a broader trend in the Indian IVF sector valued at over Rs.3,000 crore where scaled, PE-backed chains are acquiring reputable regional players to achieve rapid expansion and operational synergies.

28/07/2026

Key PE deal March 2026:

To read more, click here: https://vorafin.com/insights/pe-novartis-exits-india-arm-chrys-capital-led-consortium-acquires-70-68-stake-for-rs-1446-crore/

Novartis AG is selling its 70.68% stake in Novartis India Limited to a consortium led by ChrysCapital, WaveRise Investments, and Two Infinity Partners, marking its exit from the Indian market.

The acquisition triggers a mandatory open offer for an additional 26% stake at Rs. 860.64 per share, potentially valuing the total deal around Rs. 2,000 crore, subject to regulatory approvals.

The deal involves:
- One acquirer buying 56.45% at Rs. 860.64 per share.
- The other two entities acquiring 14.23% at Rs. 701.25 per share.

Based in Mumbai, Novartis India Limited is the Indian subsidiary of Novartis AG, known for legacy brands in pain management and gynecology, like Voveran and Calcium Sandoz.

ChrysCapital, a leading private equity firm in India with about $5 billion in assets, known for significant healthcare investments.

The divestment aligns with Novartis AG's focus on innovative medicines and simplifies its global structure.

This marks ChrysCapital's first majority acquisition in the Indian pharmaceuticals sector, securing well-established brands that ensure consistent cash flow.

Collaboration with the Manipal Group may enhance synergies in the healthcare domain.

Novartis retains a presence in India through its unlisted division, Novartis Healthcare Private Limited.

Novartis India reported a high-margin profile for FY2024-25 but faced short-term volatility reflected in recent earnings declines.

The transaction illustrates a trend of multinational pharmaceutical companies re-evaluating their strategies in India while private equity investments in healthcare grow.

28/07/2026

Key M&A deal March 2026:

To read more, click here: https://vorafin.com/insights/ma-alkem-laboratories-unit-to-buy-up-to-55-stake-in-switzerlands-occlutech-for-118-million-inr-1074-crores-in-an-all-cash-deal-marking-its-entry-into-advanced-cardiovascular-devices/

Alkem Laboratories, via Alkem MedTech, to acquire 55% stake in Switzerland’s Occlutech for $118 million (INR 1,074 Crores), marking entry into advanced cardiovascular devices.

The acquisition is entirely cash-funded through internal reserves, valuing Occlutech at approximately $207.4 million USD.

Established in 2003, ranks as the second largest in Europe for minimally invasive cardiac implants and operates in key markets like the US and Germany.

Alkem, one of India's top pharmaceutical firms since 1973, is expanding its portfolio into chronic health areas and exports to over 40 countries.

The deal offers Alkem access to high-value markets and aligns with the growing $12-15 billion Indian MedTech industry, projected to hit $50 billion by 2030.

Occlutech’s revenue exhibited a 15.7% CAGR, and the acquisition reflects a premium for global MedTech exposure and revenue stability.

The Indian sector is transitioning from heavy imports towards manufacturing, spurred by initiatives like "Make in India," focusing on advancements in tech like AI and medical devices.

28/07/2026

Key PE deal February 2026:

To read more, click here: https://vorafin.com/insights/pe-us-based-general-atlantic-to-invest-rs-2500-crore-for-7-stake-in-balaji-wafers/

Founded in 1981 by the Virani family, Balaji Wafers is one of India’s leading packaged snack brands, offering products such as potato chips, namkeen, bhujia, noodles, confectionery, papad, and other savoury snacks.

General Atlantic is a global growth equity investor managing $118 billion in assets under management (AUM) as of September 2025, with 900+ professionals across 20 countries and investments across consumer, technology, healthcare, and financial services sectors

The investment will support strengthening corporate functions, governance, and organisational capabilities at Balaji Wafers, enabling the company to scale operations and transition toward a more institutionalised structure.

Vora Corporate Finance

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