Bahrain-based Investcorp has made a partial exit from Indian dialysis centre company NephroPlus as part of a $102 million funding round led by Singapore-headquartered Quadria Capital.

Investcorp retains a significant stake in NephroPlus, a statement said.

The company first announced its investment in NephroPlus in 2019, and since then the number of dialysis centres operated has expanded from 180 to 404, including more than 20 in the Philippines and Uzbekistan. 

The investment led by Quadria Capital, which has an investment advisory firm based in New Delhi, includes a combination of primary capital infusion and a secondary stake purchase from existing investors, including Investcorp, Bessemer Venture Partners, IFC, and IIFL Private Equity, the statement said.   

Gaurav Sharma, partner and head of India Investments at Investcorp, said: ““This is a rare example of backing an Indian healthcare delivery company to become a global player with a carefully thought-through international expansion.”

The primary capital raised in the new round will fund growth and further expansion in international geographies, the statement added.

Investcorp’s assets under management total $52 billion.

(Writing by Imogen Lillywhite; editing by  Daniel Luiz)