Torrent has invested Rs 188 crore to acquire 75 per cent stake in healthcare startup PurO Wellness.
“Torrent Ltd, the promoting holding company of Torrent Group, has invested Rs 188 crore. Ruchir Modi, founder and director of PurO Welness has invested Rs 62 crore which brings a total of Rs 250 crore as seed funding for this startup initiative. With this development, the Torrent Group will now own 75 per cent and Ruchir Modi (will hold) 25 per cent stake in this new venture,” PurO Wellness said in a statement.
Based in Mumbai, PurO Wellness is a healthcare startup founded by former Torrent Pharmaceuticals Executive Director Ruchir Modi. The main focus of the company is on producing organic food ingredients. PurO will soon launch its SoLite range of products.
Torrent Pharmaceuticals is the flagship company of the Torrent Group.