Goldman, NEA invest in India’s Nova Medical Centers
Goldman Sachs and New Enterprise Associates (NEA) have invested INR 3 billion ($54 million) in Nova Medical Centers, an Indian surgical care and fertility clinics company. The investments will be used to expand the company's specialty surgery and fertility businesses.
Goldman Sachs wwill contribute INR 2.2 billion and NEA will make an add-on investment of INR 800 million. NEA previously invested $15 million into the company alongside NYC-headquartered private equity firm GTI Group.
"Healthcare has always been a major focus for NEA globally and in India," Ben Mathias, executive director of NEA India, said in a statement. "Backing healthcare services platforms that improve quality, increase access and reduce costs is a proven strategy for us and we are excited to continue our partnership with Nova."
Established in 2009, Nova develops, acquires and operates day and short-stay surgical centers in partnership with surgeons across India and the Middle East. Its strategy is to provide high quality surgical care that is affordable and conveniently located.
The $40 billion Indian healthcare market is growing rapidly and has seen numerous private equity and venture capital investments. In late July, Sequoia Capital India invested $4.6 million into Bangalore-based Practo Technologies, a cloud-based clinic management platform. In June, Jacob Ballas Capital India also invested $44.7 million in Super Religare Laboratories, the diagnostic unit of Fortis Healthcare.
In March, Advent International invested $105 million in multi-specialty hospital chain CARE Hospitals, while Government of Singapore Investment Corp. (GIC) bet $100 million for a minority stake in Vasan Healthcare, which runs eye care hospitals across India.
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