JM Financial hired for secondary share sale for early investors and pre IPO preparations
Allana Group of IFFCO UAE and Serum Institute CEO Adar Poonawalla have invested Rs1.3 billion in 24*7 pharmacy and lifestyle retailer Wellness Forever.
Existing investors include banker and renowned investor Rajiv Dadlani and venture capitalist Sajid Fazalbhoy. The company is promoted by Gulshan Bakhtiani, Ashraf Biran and Mohan Chavan.
Rajiv Dadlani, from the Family Office of the Rajiv Dadlani Group, and lead investor in the company, said “We are very impressed with their growth, profitability, capital allocation, vision and ethics.”
Gulshan Bhaktiani, Founder & Director said, “With this round of funding, we plan to strengthen our private labels that have gained popularity over the years. We will continue to add more retail stores and reach out to our customers not just through brick and mortar outlets but also through online channels”.
Funds will be utilised for store expansion, strengthening their private label brands which are under its 100 per cent subsidiary Amore.
Wellness Forever has hired JM Financial for a secondary share sale for early investors and for pre IPO preparations. The company is on track to achieve sales of around Rs 4,000 crores in the next 3-4 years with a 1,000 store count across the country.
The company has reportedly been profitable since inception, growing 35 per cent YoY, clocking revenues of over Rs. 1,000 crores for the current fiscal year, employs over 4,000 people among which are over 800 qualified pharmacists and has over 1 million paid customers.
Wellness Forever has a footprint of over 200 stores in Maharashtra, Goa, Karnataka and aims to add over 150 more stores in the next year and 1000 retail outlets in the next three years.