RVCF invests $2.8m in Frontier Lifeline

The capital provided by the vehicle, which is backed by Rajasthan State Industrial Development and Investment Corporation and Small Industries Development Bank of India, will be used to finance the first phase of a medical village project being developed by the hospital.

Known as Frontier Mediville, the project will cost INR10 billion and be operational within the next month or two, according to mydigitalfc.com. The hospital has channeled INR200 million into the first phase, which will provide facilities for contract research activities, a convention centre and facilities for medical and paramedical training programs.

Prior to RVCF's cash injection, the promoter group (the founding family and other individuals) owned 82% of Chennai-based Frontier Lifeline, with the Technology Development Board holding the balance.

"The healthcare industry is growing at 15% compound annual growth rate and is expected to reach the market value of $280 billion by 2022," RVCF CEO Girish Gupta, who joins the company's board, told VCCircle. "Frontier Lifeline, through its promoter and experienced team, is set to leverage this burgeoning demand in India and outside."

RVCF made the investment through its INR2 billion SME Tech Fund.

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• Topics
• Expansion
• Healthcare
• South Asia
• India
• Growth capital
• healthcare