Bharat Serums & Vaccines

Bharat Serums & Vaccines (BSV) is a niche biological and bio-pharmaceutical products manufacturer. The company, is a formidable domestic player in plasma derivatives, equine antitoxins, immunoglobulin serums and hormones. The company has several first launches to it's credit which include Anti D Immuno Globulin a monoclonal antibody developed for the first time globally, liquid stable anti snake venom effective against all poisonous snakes commonly found in Asia & Africa, Amphotericin B Lipid Complex, Anti Thymocyte Globulin and Profofol Emulsion among others.

The Mumbai based company has a strong portfolio of niche primary line, life saving injectables for snake bites, rabies, aplastic anemia, meningitis, kala azar, postpartum hemorrhage, and life threatening fungal infections post surgeries and organ transplants. BSV also enjoys good brand equity in the critical area of Infertility with its portfolio of hormones.

BSV is expanding through development and launch of new generation biotech recombinant therapeutic proteins, monoclonal antibodies, difficult generics and Novel Drug Delivery Systems where it is in the process of seeking out licensing opportunities for the global markets. Some of these products ready for out-licensing deals include Liposomal Amphoterecin B a potent anti-fungal agent for serious and life-threatening infections, Pegylated Liposomal Doxorubicin a potent anthracycline-based cytotoxic agent for the treatment of cancer, Goserelin Implants and Leuprolide Injection both indicated for hormone sensitive malignancies and gynecological indications and Recombinant Follicle Stimulating Hormone (FSH) used to induce ovulation and spermatogenesis.

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Investment Focus

Partnering Businesses That Mirror India�s Growth Story

Global investors are betting big on India�s long-term growth story.India istoday one of the most attractive emerging markets across Asia with a billion plus captive consumers. Kotak Private Equity is well positioned to develop compelling local investing themes.

Through macro research, in-house analytics and frequent industry interactions, we identify industry and socio-economic trends, local consumption patterns and need-gap opportunities on an ongoing basis. With a cumulative experience of successfully investing in over 100 growth companies, we regularly refine our investment focus based on emerging trends, sectors and investment opportunities.

Since inception, our focus sectors have mirrored the Indian economy�s growth story in terms of scale, competitive advantage and innovative business models. We prefer sectors like:

  • Healthcare &Life sciences (pharmaceuticals and biotechnology)
  • Consumer businesses (FMCG, retail, media & entertainment)
  • Light manufacturing
  • Agri-businesses and food processing,
  • Information Technology (software products, services and IT-enabled services) and
  • Infrastructure-led services

At Kotak Private Equity, we work as strategic partners with companies that demonstrate one or all of thefollowing value-oriented qualities:

  • Sustainable competitive advantage that can be leveraged internationally
  • Deep, untapped and fast growth-led domestic market opportunity
  • Acquiring scale and sector dominance

Our team�s past investments include backing some of India�s most successful entrepreneurs across many of the sectors mentioned above.

Investment Value Creation

Accelerating Growth through Value Addition

At Kotak Private Equity, we believe in partnering with companies, not operating them. We partner to accelerate growth through need based strategic value-addition in a variety of ways. In addition to capital, we bring our expertise, experience and commitment to create a shared vision and value.

We follow a 4-point Value Creation Metric:

  1. Business Strategy Enhancement
    Working with the company board and management team, we debate and discuss to arrive at a long-term strategy that captures the competitive advantage of the firm. A sound business strategy is the first step in creating sustainable market domination and long-term leadership for the company.
  2. Operational & Structural Improvements
    Operational efficiency is one of the key areas where we work with the company. We work with management teams to identify bottlenecks to generate higher returns by restructuring capital, optimizing costs, streamlining manpower and revenue streams. We enable this through a multidisciplinary team of professionals comprising of business strategy experts, legal & tax experts and management consultants.
  3. Catalyzing Talent Acquisition
    We bring significant brand power, recognition and network strength to our portfolio companies which in turn helps them attract the best talent in the industry. Inculcating the right talent and developing robust systems and processes is the key to achieving the next level of growth for most emerging businesses.
  4. Enabling Governance & Professional Reporting
    We work with leadership teams to ensure the best standards of governance and reporting through regular MIS, external and internal audits and formal board processes.

We believe that we can never substitute an entrepreneur�s energy, passion and drive. Hence, at Kotak Private Equity, we like to complement these skills with strategic growth advice, skill enhancement and operational efficiency to disproportionally deliver on his business plan.

Investment Process

Treating Capital with an Ownership Mindset

At Kotak Private Equity, we follow an investment process that has been developed through years of investment experience. The investment process captures the sensitivities and challenges of growing businesses in an Indian business environment as well our past experiences in dealing with Indian entrepreneurs.

We typically follow a 4-step Investment process that helps us treat capital with an ownership mindset.

  1. Deal Sourcing and Evaluation
    We use multiple channels � our network of relationships, the Kotak Mahindra Group�s business relationships, industry networks and leverage our in-house research � to source and evaluate opportunities.
  2. Due Diligence& Investment Commitment
    We have a disciplined and rigorous due diligence process by which we evaluate deals that fit into our investment criteria. Ideally, we evaluate 8-10 deals in a year with each due diligence process requiring between 120-180 days to be completed.
  3. Investment Structure & Co-investing Opportunities
    Once the investment selection is complete, our team prepares the investment structure and identifies if any co-investing opportunities exist. This exercise is done in close collaboration with the company�s management team so that a shared goal is created for future upside participation.
  4. Monitoring and Value Addition
    Once the transaction is completed, designated members from our team work closely with the company�s management to create value across the entire passage of the investment. As per agreed timelines and performance goalposts, we work towards a timely and profitable exit.

Since its inception,Kotak Private Equity has been the preferred investment partner with local management teams on account of its transparent and rigorous investment process, significant value creation and strategic and timely exit.

Investment Structure & Size

Crafted Solutions for Growth

We design bespoke investment structures for each of ourportfolio companies based on theirindividual growth requirements. We believe in patient investing through structured instrumentsthat help build partnerships with management teamsanddeliver on mutually aligned goals and incentives.

Investment Size and Structure

  • Investment ticket size of USD 20-40 million
  • Opportunistically co-invest with LPs in larger transactions
  • Significant minority ownership with active board-level participation