Meditrina Hospitals Raises Funds From Matrix Partners
by Charmi Gutka
Kerala-based Meditrina Hospitals has raised R40 Cr from Matrix Partners India for minority stake, BL stated. Meditrina plans to open a centre each within six months in Hyderabad and Bhubaneswar and a centre of excellence in Kollam with the funding.
Grant Thornton India advised Meditrina on the deal.
Founded by N Prathap Kumar, Meditrina Hospitals is a multi speciality hospital and offers services in Cardiology, General Surgery, Diabetology, Gastro-Enterology, Dermatology, General Medicine, Radiology, Urology, Orthopaedics, Facio-Maxillary, Varicose Vein Clinic.
It provides cardiac care with its centres housed in other hospitals. Meditrina now operates four units focussing on interventional cardiology in south and central Kerala.
Its centres are now in Thiruvananthapuram, Changanacherry, Thodupuzha and Kollam. Meditirna does not set up separate cardiac care hospitals, as the investment required will be high. Instead, it takes up space in existing hospitals that do not have facilities for cardiac care and puts up these centres – what is called a Specialty in Hospital.
Meditrina, which uses the main hospital’s infrastructure, shares a percentage of its revenues with the hospital in which its centres are located. The plan is to have seven Meditrina SIHs in the next one year – mainly in the South and East, including one in Siliguri.
Matrix Partners India has four earlier investments in the healthcare sector — eye care, maternity and infant care, orthopaedics and cosmetology.
In December, it invested around R30 Cr in Cosmetology Chain – Enhance Aesthetics & Cosmetic for 20% stake; it also acquired a minority stake in Mewar Orthopaedic Hospitals for an undisclosed amount last November.
Matrix had earlier invested R45 Cr in a Series A round in Bangalore based Kids Clinic India, that delivers maternity and infant care under the brand name Cloudnine. This investment followed the earlier one of R50 Cr in Delhi based eye hospital chain – Center for Sight.
Impact investment fund Lok Capital along with CDC Group plc, have made an investment of $21 Mn in Varanasi based micro finance company Utkarsh. This round also witnessed participation from its existing investors Aavishkaar Goodwell, Microfinance Development Fund, IFC and Norwegian Microfinance.