Having invested £8m ($12.5m) in ClinTec, in exchange for a 28.6 per cent stake, Elephant plans to drive expansion in India and Asia Pacific. Following the expansion the ClinTec office in Bangalore, India will serve as the regional hub for the Asia Pacific region.
Bobby Bal, senior director of corporate development at UK-based ClinTec, said: “We are happy to bring Elephant on board to further enhance our development within Asia, which will be of huge benefit for our client base.”
Elephant is a private equity firm focused on businesses that can tap into the potential offered by India. Consequently, it has built up a network in the country, and the wider region, which it plans to leverage to support expansion at ClinTec.
“As well as bringing to ClinTec, our immense expertise in finance and creating corporate global organisations, we look to preserve the fine values and unique culture of ClinTec", said Gaurav Burman, managing partner of Elephant.
Burman and James Hauslein, non-executive director of Elephant, will make personal co-investments of £150,000 and £200,000 respectively. Burman, Hauslein and Anand Burman will take seats on the board of directors at ClinTec.
“We value the strategic input of Elephant, the Burman family and their wealth of experience in Dabur, as well as the extensive experience of our US board director, James Hauslein”, said Rabinder Buttar, president, CEO and founder of ClinTec.