Lok leads $10m round for Indian diabetes clinic chain

Evolvence Capital also took part in the round, according to a statement. The company will use the capital for expansion, with the goal of growing from 25 to 100 clinics across India over the next four years. Lok and Evolvence will each gain a seat on the board.

This is the first institutional funding round for Dr. Mohan’s, which was founded in 1991 by Dr. V. Mohan and his wife Dr. Rema Mohan. The company claims to be one of the first organized diabetes care providers and to have treated over 400,000 patients so far. It currently operates clinics and hospitals in seven states.

The International Diabetes Federation expects cases of diabetes in India to top 100 million by 2030, up from 70 million today. Much of this increase is projected to be in lower-income urban and rural areas, where specialist care clinics are uncommon and diabetes care is typically provided by general practitioners.

“There is a huge whitespace for an organised care provider to build a pan-India chain offering holistic care for diabetes,” said Venky Natarajan, managing partner at Lok. “The team at Dr. Mohan’s comes with a very high pedigree, have pioneered diabetes care in India and are world renowned for their quality of research in the field of diabetes. The team has also built a scalable and asset light model that can now be rapidly deployed across India.”

Lok is investing out of its third fund, which launched last year with a target of $100 million and reached a first close of $40.5 million in June. The fund seeks growth-stage investments in the financial services, healthcare, and agriculture sectors.

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• Topics
• South Asia
• Healthcare
• Early-stage
• India
• Evolvence Capital