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IFC to back India's Wellspring Healthcare

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The International Finance Corporation (IFC) is set to invest USD 11m in India’s Wellspring Healthcare, which operates 17 primary care clinics in Mumbai and Pune.

IFC has proposed investing in a mix of primary and secondary shares. This is part of a planned USD 20m round for the company, which has previously received investment from Asia Pacific Healthcare Advisors, BlueCross BlueShield Venture Partners, Columbia Pacific Advisors, Reliance Venture Asset Management, and Catamaran.

Healthspring was co-founded in 2010 by CEO Kaushik Sen and his father Gautam Sen, who serves as chairman. In addition to primary care for individuals, it offers managed care services to corporates’ employees and industrial workers at production sites. For the latter, there are 133 operational health clinics across India.

There are several priorities for the new funding, according to a filing. They include setting up new occupational and corporate health clinics, making training and technology upgrades, acquiring other local clinics, and purchasing secondary shares from existing shareholders.

IFC has attached various impact goals to the deal, including increasing access to affordable and quality healthcare for underserved populations. The development finance institution also aims to improve regulatory healthcare compliance at production sites and catalyse further investment in medically underserved areas through a demonstration effect.

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