IndiaRF invest Rs 525 Cr in Punjab-focused healthcare provider Ivy Health
The deal marks IndiaRF’s maiden investment in the healthcare sector and the first of its kind in a regional hospital chain operating in north India.
India Resurgence Fund (IndiaRF), an India-focused investment platform, has invested Rs 525 crore in Ivy Health and Life Sciences Pvt Ltd (Ivy). Following the investment, IndiaRF has become the majority shareholder of Ivy.
As part of the transaction, IndiaRF shall acquire Ivy’s NABH-certified facilities in Punjab at Mohali, Amritsar, Khanna, Hoshiarpur, and Nawanshahr. IndiaRF has also infused sizeable growth capital which will be utilised to further improve the breadth and quality of patient care services offered by Ivy’s existing facilities as well as expand its footprint to other cities in the state and adjoining regions.
The deal marks IndiaRF’s maiden investment in the healthcare sector and the first of its kind in a regional hospital chain in north India.
“Post COVID-19, there’s significant emphasis on providing localised healthcare in the form of multi-speciality regional hospital networks. Deepening insurance penetration has further augmented this shift as patients are increasingly looking for high-quality healthcare closer to home," stated Shantanu Nalavadi, Managing Director of IndiaRF.
"Consequently, these networks are also witnessing significant investor interest. Ivy clearly stands out as truly aligned with this theme," he added.
"Ivy has demonstrated its prowess as a regional healthcare provider catering to all segments by providing quality medical services at affordable prices,” he added.
“What started as a vision to make quality healthcare, affordable and accessible in Punjab turned into a reality with Ivy becoming the largest healthcare group in the state of Punjab with 3,000+ healthcare professionals tirelessly servicing the patients from Punjab and beyond," added Gurtej Singh, Chairman and Managing Director of Ivy Hospitals.
"I believe that the vast experience and resources available with IndiaRF will empower Ivy with cutting-edge technologies, thereby bringing huge benefits to the patients of the region. We sincerely believe that this partnership with IndiaRF will create tremendous value-creation opportunities for all employees, doctors, and other stakeholders,” he added.
Founded by Gurtej Singh and Dr Kanwaldeep Kaur in 2008, Ivy has a combined capacity of nearly 800 beds and offers comprehensive multi-speciality care and procedures for patients, not just from Punjab but also from neighbouring areas of Himachal Pradesh, Haryana, and Jammu. The Ivy network claims to treat over 300,000 patients a year.
Edited by Kanishk Singh