The promoters of HealthSprint Networks, a healthcare IT services company, have sold 100% of their stake in the company to venture capital funds Nirvana Venture Advisors and Bessemer Venture Partners. Healthsprint Networks develops healthcare payment networks and health insurance applications for clients such as Fortis and Manipal and payers such as TTK, MediAssist and ICICI Lombard.
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Bessemer Venture Partners has offices in New York, Silicon Valley, Boston, Mumbai and Herzliya and manages more than US$4 billion of venture capital invested in over 130 companies around the world. Its target sectors in India include internet and mobile, software products, financial services, healthcare, power and infrastructure.
Based in Mumbai, Nirvana Venture Advisors focuses on early stage and early growth investments in mobile, internet and network companies in India. Over the past two years, Nirvana Venture Advisors has invested in YourNextLeap, a campus-based social networking website that helps students and young graduates with their career decisions; Games2win, an online gaming company with 15 million subscribers; and TranServ, a prepaid programme manager that partners with clients such as banks and retailers to enable their customers to conduct electronic transactions.
Krishnamurthy & Co partner Shwetambari Rao, senior associate Abhinav Singh and associate Abhirup Ghosh advised HealthSprint Networks and its promoters on the sale. Nishith Desai Associates represented the private equity funds.
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