MedPlus on course for pan-India expansion

Hyderabad-based pharmacy chain, MedPlus Health Services on Tuesday said it is aiming to raise between $60-75 million to fuel pan-India expansion plans.

The company said it would focus on north and central India and strengthen its presence further in the markets it is already present in. The chain has a good presence in south and east India.

"Apart from expanding our presence in north and central India, we would also strengthen our existing network by raising private equity funds, which is likely to be raised from a new investor," the company's chief executive officer, Madhukar Gangadi, told media persons here.

According to him, this would be the third round of fund-raising initiatives -- the previous one was in 2011.

Presently, US-based Mount Kellett Capital Management, TVS Capital Funds Ltd. and Piramal Group-backed India Venture Advisors Pvt. Ltd. together hold around 34 percent stake in the company.

"Our store count too will be increased by the end of this fiscal year," the official said.

He said another 300 stores would be added to its existing 1,300 stores.

Ninety-seven percent of its stores are owned directly by the company.

It is targeting a 24-32 percent increase in sales during 2015-16. Its turnover during 2014-15 was Rs.1,370 crore.