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Westbridge buys into Dr Lal PathLabs with one fund, exits from another

25 Feb 2013

greenlab_170sqUS-based private equity firms Westbridge Capital has reportedly teamed up with TA Associates to make a $44m investment in Indian pathology laboratory Dr Lal PathLabs.

Westbridge’s $35m investment is the largest from its two-year-old evergreen Crossover Fund according to LiveMint, which said it had only invested in listed companies to date.

Westbridge’s debut venture fund exited its investment in Dr Lal as part of the deal, having bought stakes in the business in 2005 and 2007.

TA previously bought almost 16 per cent of Westbridge Ventures I’s stake for $35m in 2010, LiveMint added.

Westbridge and TA are no strangers to the sector, with TA picking up a majority stake in healthcare focused-BPO Omega Healthcare Management Services for INR5.3bn ($93m) last June.

Westbridge, which manages more than $800m across multiple funds, focuses exclusively on market-leading Indian companies.

Sandeep Singhal, the Westbridge co-founder and managing director who has been on the Dr Lal board since 2005, told LiveMint, “Dr Lal PathLabs is a fast-growing business. It’s the leading pathology and diagnostic chain in the country and serves millions of customers.”

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