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JM Financial Private Equity Fund II has finalised an investment of Rs 45 crore in Mumbai-based nutraceutical company Innovcare Lifesciences.
This marks the closing of the fifth investment by the fund, the company said in a statement.
On Wednesday, sources told BusinessLine that Innovcare Lifesciences would use the funds for its expansion plans.
Read: JM Financial’s PE arm invests ₹45 cr in Mumbai-based Innovcare Lifesciences
"Partnering with entrepreneurs and management teams with the vision to build scalable and sustainable businesses has been the key focus of JM Financial Private Equity. The fund infusion will help Innovcare in expanding its product portfolio in a more aggressive manner," Darius Pandole, Managing Director and CEO, PE & Equity AIFs, said.
Advisors for the deal included o3 Capital and Economic Laws Practice.
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