Bamboo Finance, Saama Capital invest in India's Modern Family Doctor
Bamboo Finance, a European private equity firm that focuses on investments benefiting low-income communities in emerging markets, and early stage investor Saama Capital have together taken part in a Series B round of funding for Indian healthcare provider Modern Family Doctor (MFD).
Financial details of the transaction were not disclosed.
Founded in 2011 by serial entrepreneur Naresh Malhotra, MFD claims to be one of largest chains of affordable primary care clinics in India with 25 clinics across Bangalore and Pune. The business also has a partnership with diagnostics center Dr. Lal Pathlabs - a portfolio company of WestBridge Capital and TA Associates - to provide a range of laboratory investigation support.
With this latest round, MFD will set up an additional 30 clinics over the next six months and has further plans to dramatically increase its footprint over the next three years by expanding into other Indian cities.
"The lack of good primary healthcare is very apparent in India because hospital outpatient departments are flooded with patients; 70% of whose needs are primary in nature but they have no other option. Going to a hospital means travel, time, inconvenience, exposure to infections and higher expense," Malhotra said in a statement.
"With our partnership with Bamboo and Saama, we expect to reach over 100 clinics very rapidly."
Bamboo Finance launched in 2007 and has offices in Luxembourg, Geneva, Bogota, Nairobi and Singapore. The firm currently manages $250 million across two global funds with a combined portfolio of 46 investments operating in 25 countries.
Set up as part of SVB Financial Group in 2006, Saama Capital spun out as an independent firm. Saama spun out as an independent firm in 2012 and currently manages SVB India Capital Partners I, a $53.9 million fund launched in 2006.
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