Japanese conglomerate Mitsubishi Corporation is picking up stake in digital healthcare platform SastaSundar Healthbuddy. The chemical-to-engineering-to-car giant has signed an agreement with the city-based health portal to invest Rs 100 crore in it for acquiring an undisclosed stake.
B L Mittal, founder and executive chairman of the company, pointed out that it has a mission to solve one of the biggest problems of India such as offering consistent access to affordable healthcare in a convenient manner. He added that this investment is a part of the fund raised for expansion of SastaSundar and is after the recent investments of Rs 70.49 crore by Rohto Pharmaceuticals, Japan. SastaSundar Ventures, a group holding firm, is the majority owner of the company with 83% stake, while Rohto has around 17% in SastaSundar.
Experts feel that the Mitsubishi investment in SastaSundar will give the latter a valuation of over Rs 500 crore. SastaSundar Healthbuddy has a revenue of over Rs 220 crore. “The company would cross Rs 300crore mark in the next one-two years,” an official added.
SastaSundar is supported by a network of independent pharmacies called Healthbuddies and has an integrated model of online-offline-logistic-data operations. It has also innovated personal health tech solutions to provide personalised services using technology.
Mistsubishi is a global integrated business enterprise comprising 10 business groups. “The partnership with Mitsubishi Corporation will help us to connect global resources with local care. It is a milestone in our journey to expand our operations in India,” said Ravi Kant Sharma, founder & CEO, SastaSundar.
Source: Times of India