Poly Medicure
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Special Situation : Business in transition
- Import substitution of medical consumables in India
- High margin domestic branded business gaining traction
- Branded business in Europe and US taking off
- Growth without equity dilution till 2021
Exit
- MCap journey $ 250 mn to $ 900 mn over 2 years
- Huge runway for growth:
- Exports move from white label to branded
- Domestic business progressively gets accepted
- Higher bet size was warranted at the time of investment
- Local manufacturing and China+1 strategy aids business