As per the reports and filings, about Rs. 70.20 crore of proceeds from the public issue will be utilized for covering capital expenses in constructing new outlets joining the chain and, and a hundred crore rupees will be dedicated in settling partial or full borrowings.
Serum Institute of India-backed retail pharmacy platform, Wellness Forever files its drafts for IPO (Initial Public Offering) with the Securities and Exchange Board of India in order to raise bulk Rs.1,600 crore.
The medical startup filed DHRP (Draft Red Herring Prospectus) after another healthcare-based firm, MedPlus filed for the same in August. The public issue of the startup will comprise a fresh issue of equity shares valued at Rs. 400 crore while the remaining Rs. 1.6 crore will be raised through offer for sale (OFS).
As per the reports and filings, about Rs. 70.20 crore of proceeds from the public issue will be utilized for covering capital expenses in constructing new outlets joining the chain and, and a hundred crore rupees will be dedicated in settling partial or full borrowings. Apart from that, Rs. 121.90 crore will be devoted to the operating capital in addition to other corporate requirements.
Founded 2008, backed by Adar Poonawalla, the Mumbai-based startup is establishing a wellness network in India with its outlets spread mainly in western region of the country including Mumbai, Pune, Kolhapur, Satara, Goa and Karnataka. Wellness Forever is the third largest chain regarding the number of outlets. Founders of the healthcare establishment include Gulshan Bakhtiani, Ashraf Biran and Mohit Chavan. The wellness chain provides health-based products and services to its customers.
With revenue around Rs.900 crore to Rs. 1,000 crore, the startup has managed to construct more than 200 stores across the western region and some parts of Karnataka.
The retail wellness chain which now is a medtech platform launched 15 new pharmacies a month ago across three Indian states. The new outlets are located in Mulund, Andheri, Thane, Ambernath, Palghar, Nashik, Solapur, Koparkhairane, etc. which will be available for service 24*7.
From Rs. 8 crore as annual turnover to more than a thousand crore rupees as its annual revenue, Wellness Forever has expanded its business remarkably. The firm has perhaps come a long way without availing any benefits of being a MSME (Micro Small Medium Enterprise) in the country.