SeaLink leads $29m round for Indian children’s hospital
SeaLink Capital Partners has led a INR2 billion ($29 million) investment in Indian maternal and pediatric hospital chain Surya Children’s Medicare, providing an exit for OrbiMed Advisors.
In addition to buying out OrbiMed’s stake, SeaLink’s investment will support Surya’s expansion over the next few years. Heramb Hajarnavis and Karthik Narayanaswamy, SeaLink’s managing partner and executive director respectively, will join the company’s board, according to a statement.
Surya was founded in 1983 and operates three hospitals in Mumbai, Pune and Jaipur, with plans to open additional facilities in Thane and Delhi. Its flagship facility in Mumbai includes India’s largest neonatal intensive care unit at 105 beds, a pediatric intensive care unit with 14 beds and a 200-bed general occupancy ward. Its hospitals also provide care for expecting mothers.
OrbiMed's return on its investment in Surya has not been disclosed. The firm committed INR520 million in 2013, according to AVCJ Research, taking an undisclosed minority stake.
Nearly 30% of India’s population is under 14 years old, but the country faces a significant undersupply of pediatric hospital beds with an estimated deficit of around 200,000. In addition, the rate of high-risk pregnancies is rising due to the growing popularity of fertility treatments for older women. These factors are expected to drive strong demand for child and maternity care facilities.
Previous PE investment in the space includes TPG Capital's acquisition of mother and childcare clinic operator Rhea Healthcare in 2016. The firm paid $33 million for a significant majority stake in the company.
Sealink was founded in 2014 by Hajarnavis and Narayanaswamy, both formerly of KKR. Hajarnavis was the head of KKR’s private equity business in India, while Narayanaswamy served as a principal at KKR Capstone in India and also helped found Bain & Company’s India office. The firm is investing its debut fund, which closed earlier this year at $315 million.
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