Somerset Indus invests in specialty hospital chain
Indian healthcare-focused PE firm Somerset Indus Capital Partners has invested in tertiary care hospital chain Cygnus Medicare. The investment will support the chain’s expansion across Haryana and the National Capital Region (NCR) surrounding Delhi.
The financial details of the deal were not disclosed. However, Somerset Indus typically targets investments of around $5 million.
Founded in 2010, Cygnus currently has seven hospitals under management. The organization says it aims to run centers for specialized surgeries in population areas which lack in super specialty care.
The Cygnus business model reduces costs by outsourcing capital intensive specialties that need specialized expensive equipment and leasing facilities. The focus is on running operation theatres, intensive care and outpatient units, wards and nursing.
Somerset Indus manages a $50 million fund focused on making investments in the mid-market healthcare sector in India. Its portfolio includes the Express Clinics primary healthcare chain and critical care medical products provider Sandor Medicaids.
A number of investors have been targeting India's healthcare sector which is thought to be worth $65 billion. Recent deals include India Value Advisors' INR10 billion funding to Manipal Hospitals and Olympus Capital Asia Investments paying than INR5 billion ($100 million) for a minority stake in health services provider DM Healthcare.
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