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We are glad to announce that our client Cyrix Healthcare Private Limited (“Cyrix”) has raised equity funding from Somerset Indus Capital Partners (“Somerset”).
Founded in 2004 by Mr. Ajithkumar and Mr. Joy K. John, Cyrix Healthcare Private Limited has emerged as one of India’s leading providers of maintenance and service solutions for medical equipment. Cyrix directly operates in more than 8 Indian states and has an established presence in the Middle East across Kuwait, Saudi Arabia, and UAE. With a team of 1,000+ highly trained biomedical engineers, the company serves a wide range of clients, including private hospitals, clinics, nursing homes, and diagnostic centres across India and Middle East.
The transaction which is a combination of primary and secondary capital is expected to substantially enhance Cyrix’s footprint in the equipment servicing space in the public as well as private healthcare infrastructure sector.
Advay Capital Advisors Private Limited (“Advay”) served as the exclusive financial advisor to Cyrix and its promoters for this transaction. Advay provided transaction advisory services involving positioning the opportunity to leading PE funds and select strategic players, generating offers through a tightly run process and evaluating the same by collaborating closely with the promoters, driving comprehensive financial, legal, commercial & other diligence exercises, leading negotiations on behalf of Cyrix, and its promoters, resulting in a successful transaction closure.
Mr. Ajithkumar, founder of Cyrix said, “From the time we engaged Advay Capital, the team worked very closely with us and constantly shaped our thought process regarding growth & capital raise, providing strategic inputs & sectoral insights. They encouraged us to think bigger, conceptualized the growth funding plans and brought out our 3 - 5 years vision for the company in the form of impactful transaction collaterals. With their vast experience and network in the healthcare domain, they clearly strategized the approach at every step and assisted us in finalising the right set of investors quickly.
Their clarity and deep expertise in the process, combined with timely guidance allowed us to efficiently navigate various diligence processes and smoothly conclude the deal negotiation.
Most importantly, we appreciate their accountability, client-focused approach, and friendly nature that gave us a lot of comfort, making everything smooth and transparent.
We at Cyrix consider Advay as a long-term partner for stakeholder value creation and strongly recommend Advay Capital as a reliable financial advisor for growth plans and fundraising. All the best to the Advay team in their future endeavours.”
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