PE Advent International queues up for a stake in Apollo 24/7
private equity fund Advent International is among investors in discussions to acquire a minority stake in Apollo 24/7, the digital healthcare platform of Apollo Hospitals, said two people aware of the development. The buyer is likely to invest about Rs 2,100 crore ($250 million), valuing the subsidiary at about Rs 17,000 crore ($2 billion).
Apollo 24/7 is part of Apollo HealthCo, a subsidiary of Apollo Hospitals. HealthCo also houses the pharmacy distribution business and a 25.5% interest in Apollo Pharmacy. It accounts for about 40% of Apollo Hospitals’ revenue.
The promoters have been in discussions with various investors to dilute a minority stake in the pharmacy subsidiary for the last couple of years. Talks were previously held with Amazon,
General Atlantic, Softbank and a few West Asian sovereign funds but didn’t result in a deal.
Spokespersons for Apollo Hospitals and Advent declined to comment.
Apollo 24/7 offers e-consultations, diagnostics, an e-pharmacy, preventive health and other services under a single platform. It had 31 million registrations, 620,000 active users and 6,776 doctors on its platform at the end of December 2023. The platform’s daily activities include 14,000 consultations, fulfilling more than 38,000 prescriptions and collecting 2,300 samples for laboratory tests. Apollo Pharmacy had about 5,700 stores in over 1,100 cities and towns.
Advent International has been investing in India since 2007 and has committed or pumped in more than $3.5 billion across 14 companies. Its
