CDC commits $48m to India healthcare provider

Set up in 2002 by cardiac surgeon Dr. Devi Shetty, NH climas to operate India's third-largest chain of hospitals under the Narayana Health brand. The chain - which has around 29 facilities in 17 India cities - aims to offer affordable healthcare with a particular focus on areas such as the treatment of heart conditions and cancer, as well as other areas of super-specialty tertiary care.

According to a release, the business employs over 12,500 people, and undertakes more than 13,500 cardiac surgeries every year - 10% of the national figure. In total, the company treats over 200,000 inpatients and 1.5 million outpatients each year.

NH has increased its bed count by 60% in the last two years and CDC's investment is expected to help the company build hospitals and expand its footprint in cities such as Kolkata, Lucknow, Bhubaneshwar and Bangalore. NH expects to create as many as additional 8,000 jobs in the process.

"Our long-term capital and strategic support can help Narayana Health build on the success that it has had in using innovation and its scale to deliver world-class healthcare standards to its lower and middle-income patients," said Srini Nagarajan, CDC's head of South Asia.

Nagarajan added that the NH is a leader in the low-cost healthcare market with around half of its patients receiving financial support to get treatment, either from NH itself or through government schemes.

The company also claims to run one of the world's largest telemedicine networks with 150 centers, of 50 are in Africa. This system provides remote health facilities outside of main hospitals to seek advice from consultants at NH free-of-charge.

CDC has had exposure to India since 1987 via its fund-of-funds investments and has been directly investing in the country since 2012. Recent deals include Indian microfinance institution Ratnakar Bank and the microfinance company Equitas. As an LP the group recently made a $30 million commitment Rabo Equity's India Agri Business Fund II.

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• Topics
• South Asia
• Healthcare
• Expansion
• India
• healthcare
• CDC Group
• development finance institution
• Growth capital