Vardhman Health Specialities in India Is Now Part of The Aknamed Group
Bengaluru, May 19, 2021: Aknamed (Akna Medical Pvt. Ltd.), India’s largest tech-enabled hospital-focused supply chain platform, today announced the successful transaction with Vardhman Health Specialties (Vardhman), one of the largest specialty products provider to hospitals with expertise in therapeutic areas such as oncology, immunotherapy, and virology. The integrated organization with a strong proficiency in hospital-focused distribution will work towards transforming and building India’s largest healthcare supply chain platform.
The transaction marks the 3rd addition to the Aknamed Group in the last 12 months, scaling the business to $200M in annualized revenues. Over the next 2 years, Aknamed is aiming to invest significant additional capital to fuel the group’s organic and inorganic growth plans, while continuing to invest in people, technology, and infrastructure. In fact, by the end of the current year, Aknamed will be present in 35 locations with the ability to serve over 500 cities and towns.
Mr. Naresh Chowhan, CEO of Vardhman spelling out the motivation for the transaction, remarked “We are extremely pleased in partnering with Aknamed. This partnership underlines the growing importance of consolidation in the pharma supply chain industry in India. It opens up significantly larger opportunities, apart from the synergies derived from the combined businesses of Vardhman and Aknamed. The improved value proposition for our clients and stakeholders will allow us to serve them better. The combination propels us to an unequivocal leadership position to tap the large growth potential of the Indian market.”
Commenting on the completion of the deal, Mr. Saurabh Pandey, Founder, and CEO, Aknamed, said, “We are delighted to welcome Vardhman as part of the Aknamed Group. The vision of Aknamed has always been on delivering excellence in customer service, transparent business processes and practices with all stakeholders, and developing exceptional technology-based supply chain processes in niche and therapeutic areas. Our vision and goal have resonated very well with the Vardhman team as their business has been built on similar values over the years. The focus is now to provide a top-notch supply chain service to the hospitals across the country.”
Given the high demand for medical supplies in this unprecedented time of crisis, the need of the hour is to build a strong healthcare supply chain management in the country. Hence, the combined teams of Aknamed and Vardhman are aiming to work towards building a robust hospital-focused supply chain in India, through the use of technology, data, high-quality infrastructure, and scale, delivering value to hospitals, OEM partners, and employees.
Sharing his views on the completion of the transaction, Mahadevan (Mahad) Narayanamoni, Co-Founder & Chairman, Aknamed, said, “I am excited about the combination of Aknamed and Vardhman as it will solve a significant number of procurement challenges, and will broaden the horizon of healthcare supply chain in India. We also thank the continued support and guidance from our financial partners, Light rock from LGT Group. We remain strongly committed in our endeavour to make a meaningful contribution to the digital health aspirations of hospitals in the country.”
Deloitte Corporate Finance was the exclusive financial advisors to Vardhman on the transaction.