Chennai-based private equity firm Fulcrum has made a partial exit from Curatio Healthcare, a leading dermatology products company in India, by selling a part of its stake to ChrysCapital for an undisclosed amount.

ChrysCapital is a leading India-focussed investment firm with approximately $3 billion of assets under management.

According to a statement from Fulcrum, the deal amount yields a 15x return on investments and an an Internal Ratio of Return (IRR) of 40 per cent. For Fulcrum, this is the second partial exit from Curatio. Its first exit from the company was in 2015, when it sold a significant part of its stake to Sequoia by making 6x returns.

Fulcrum picked up a majority stake in Curatio in 2005 as a seed stage investor. With its superior sectoral knowledge and domain expertise, it helped Curatio increase its topline from ₹60 crore in 2013 to ₹124 crore in 2017 by improving its operations, product quality and productivity, the statement said.

Krishna Ramanathan, Managing Partner, Fulcrum, said: “We invest in early growth companies in pharmaceuticals and healthcare sectors with over $4 million turnover. The current deal is yet another testament to our approach that remaining sector focussed and picking a majority stake in early-growth companies with sound business fundamentals can result in transactions that yield attractive returns.”

Fulcrum has invested in over 15 companies with seven successful exits so far. This year, tt has already made two more exits — Specsmakers, one of South India's largest optical chains, and Manna Foods, a Chennai-based health foods company.

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