Sterling Accuris Wellness raises Rs 250 cr from fund managed by Morgan Stanley

Sterling Accuris Wellness Pvt Ltd has signed an agreement to raise Rs 250 crore ($34 million) of equity funds from a fund managed by Morgan Stanley Private Equity Asia. Veda Corporate Advisors, a mid-market investment bank, advised the company and its promoters on the transaction.

Sterling Accuris, a pathology-focused, diagnostic lab chain, started operations in 2016, and operates around 150 labs and collection centres across Gujarat, Delhi, Rajasthan and Madhya Pradesh. The proceeds from the fundraise will help the company penetrate deeper in existing markets and enter new geographies.

Rajiv Sharma, MD and CEO of Sterling Accuris said the investment in Sterling Accuris will enable it to expand the lab network.

Morgan Stanley Private Equity Asia is a private equity investor in Asia-Pacific, managing third-party money funds, for over 20 years.

Arjun Saigal, Managing Director and Co-Head of MSPEA in India, said healthcare is a core focus for Morgan Stanley PE, and this will be the third investment in the Indian healthcare space.

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