Dr. Manivannan (left) Founder and Managing Director and Dr. Chandrakumar, (proper) Founder and Chairman of Kauvery Hospitals Group. Photo: Special Arrangement
Chennai-based Kauvery Hospitals has raised equity funding of $70 million from private equity (PE) fund managed by IIFL Asset Management Limited for a minority stake.
The investment holds significance in Kauvery Hospitals’ subsequent section of progress which is prone to transfer in the direction of an IPO tentatively within the subsequent 3 years. This contains augmenting capacities in Chennai and Bangalore, together with enlargement in chosen clusters inside Tamil Nadu and Karnataka.
This additionally marks IIFL PE’s maiden investment within the multi-specialty hospitals phase and can also be amongst the few minority investments within the multi-specialty area in India within the latest occasions.
“Kauvery is currently in the midst of a fast-paced expansion program, as it plans to reach 1,000 beds each by 2025 in Chennai, Bengaluru and Tamil Nadu clusters. This ramp-up would mean that the network shall comprise 15 hospitals spread across 7 cities in South India, with 3,000+ beds and shall likely go for an IPO, in the next 36 months,” Chandrakumar, Founder and Chairman of Kauvery Hospitals Group stated.
“We look forward to having IIFL PE as a valued partner and leverage from its expertise of growth investments within and outside of healthcare,” Manivannan, Founder and Managing Director of Kauvery Hospitals stated.
o3 Capital acted because the monetary advisor and Shardul Amarchand Mangaldas & Co. acted because the authorized advisor to Kauvery Hospitals whereas Jerome Merchant + Partners acted because the authorized advisor to IIFL AMC on this transaction.
