Matrix India invests in Mewar Orthopaedic
Matrix Partners India has taken a minority stake in specialty healthcare provider Mewar Orthopaedic Hospitals for an undisclosed amount as part of a Series A round of investment.
According to The Economic Times, Matrix paid INR300m ($5.4m) for a 20% stake, but this has not been officially verified.
Established in 2003, Mewar is led by two orthopaedic surgeons-turned-entrepreneurs, Manish Chhaparwal and Devashree Chhaparwal. It currently operates six centers in Rajasthan and Madhya Pradesh. Mewar wants to expand its business nationwide over the next five years.
Grant Thornton India was the sole financial advisor to Mewar, and Alpha Partners acted as legal counsel to the company.
"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. This is our third investment in this area." Avnish Bajaj, co-founder and managing director of Matrix India, told VCCircle.
Matrix Partners India has INR30 billion under management and targets early stage companies, investing up to INR1.5 billion in a single enterprise.
This is the latest in a series of investments in India's healthcare space by the VC firm, which last year committed INR450 million to Kids Clinic India and INR500 million to New Delhi-based eye-care specialist Centre for Sight.
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