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Matrix India commits $6m to Meditrina Hospitals

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Matrix Partners India has invested INR400 million ($6 million) in Kerala-based Meditrina Hospitals for a significant minority stake. The private equity firm is the sole participant in the first round of investment.

Founded by Dr. N. Prathap Kumar, an interventional cardiologist, Meditrina currently operates four centres focused on interventional cardiology in South and Central Kerala.

The proceeds will be used to expand its footprint, according to a statement. Maditrina aims to use the existing medical infrastructure - by setting up specialty inside hospitals (SIHs) - to provide affordable cardiac care in second tier cities in India. In the next five years, it plans to expand to 20 SIHs supported by two centers of excellence.

"Specialty healthcare services are an important franchise area for Matrix Partners India as they satisfy a growing demand for affordable and patient-centric quality care for Indian consumers and this investment continues to build our Healthcare investing franchise in this area," said Avnish Bajaj, co-founder and managing director in Matrix India.

Matrix Partners India has previously invested in single specialty hospitals targeting eye care, maternity and orthopedic care among others.

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