VC investor HealthQuad exits speciality hospital chain AINU with 4X return

Delhi-based healthcare-focused VC investor HealthQuad has exited from speciality hospital network Asian Institute of Nephrology and Urology (AINU) with a return of 4X, months after Asia Healthcare Holdings acquired the hospital chain for Rs 600 crore.

Backed by TPG Growth and GIC (Singapore's sovereign wealth fund), AINU is said to be India’s largest single-speciality hospital network dedicated to nephrology and urology care.

The acquisition in September last year marked Asia Healthcare Holdings' venture into the nephrology and urology segment. Launched in 2017, Asia Healthcare Holdings is a Bengaluru-based healthcare investment platform. It owns a network of 23 Motherhood hospitals across 11 cities and Nova IVF Fertility centres in 44 cities in India and South Asia.

HealthQuad backed Hyderabad-based AINU in 2016, helping it expand to seven cities including Hyderabad, Visakhapatnam, Chennai, and Siliguri. While HealthQuad did not reveal the investment amount, it said that it owned a 4.5% stake in AINU.

The move marks HealthQuad’s fourth portfolio exit in recent years, following exits from UP-based Regency Health in November last year and Strand Lifesciences in August 2021 and a partial exit from Medikabazaar in September 2021.

AINU was founded in 2013 by a team of leading urologists and nephrologists led by Dr C Mallikarjuna and Dr PC Reddy. It provides end-to-end clinical services in urology and nephrology and operates 500 beds across seven hospitals, according to a statement.

The institute has treated more than four lakh patients and completed over 50,000 procedures. It has completed over 1,000 robotic urology surgeries, according to the statement. On the nephrology front, it has performed more than 200,000 dialysis and 300 kidney transplants, it added.

“We are privileged to have been a part of AINU’s growth story and its innovative hospital chain management. Together we have increased access to specialised healthcare across India and accelerated the adoption of cutting-edge technologies," said Pinak Shrikhande, Managing Director, HealthQuad.

"Robust clinical outcomes are a testament to our collective efforts and shared commitment to excellence. HealthQuad is committed to deliver top tier financial returns and significant societal impact. We are grateful to have been able to deliver on both fronts thanks to AINU," he added.