Kotak Invests Rs 1,050 Cr in Tirupati Medicare: Expansion Plans & Exit for Affirma Capital

Mumbai, Mar 26 (PTI) Kotak Alternate Asset Managers on Wednesday announced a Rs 1,050-crore investment in Tirupati Medicare, which will support the pharma company's expansion efforts.

The investment also gives a complete exit to Affirma Capital, which had invested in the company earlier, according to a statement.

The 2005-founded Tirupati is the largest players in the nutraceutical contract manufacturing space, serving a marquee customer base, including Herbalife, Glanbia, Abbott, Torrent, Dr Reddy's, and Pfizer, among others, Kotak Alternate Asset Managers Managing Director Eshwar Karra said.

Kotak Alts' partner Rahul Shah added that the company is now poised for substantial growth in the domestic market, and also plans to foray into exports soon.

The company's Director and Chief Executive Ashok Goyal said the business focus has shifted to innovation and excellence in products and services, and hoped that Kotak Alts will be helpful in the phase.

"As we look forward, this partnership with Kotak Alts will bring expertise in identifying and executing further inorganic growth opportunities for Tirupati," its Founder and Head of Strategy Dinesh Goyal said.