India's SIDBI invests in diabetes hospital

The investment will be used to expand the hospital's presence in the east coast state of Odisha.

Launched by doctor couple Alok Kanungo and Mamata Tripathi in 2008, KIDS is a tertiary hospital that focuses on diabetes management.

The company plans to open 30 district centers across Odisha and double the number of beds in its main centre at Bhubaneswar - the capital of Odisha - to 200 over the next year. It also has plans to launch operations in Jharkhand and parts of Chattisgarh and West Bengal later.

"The funding will help us continue to increase market share and innovate to provide affordable healthcare, especially in rural Odisha," Kanungo told the The Economic Times.

As part of the transaction, SIDBI's Rajesh Kumar will join the board of the healthcare company. KIDS expects to record revenues of INR300 million for the year ending March 2015, compared with INR94 million in the year ended March 2014.

This is the second healthcare investment made via the Samridhi Fund - a INR3.5 billion vehicle set up in association with the UK's Department for International Development and Small Industries Development Bank of India (SIDBI) last July. The fund focuses on social enterprises in eight states.

Last November, it invested INR246 million in Glocal Healthcare System, which owns and operates hospitals in rural India.

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