Funding Alert

India Resurgence Fund Invests Rs 525 Crore in Ivy Health, Becoming Majority Shareholder

• ByStartupStory     |    September 13, 2023

India Resurgence Fund (IndiaRF), an investment platform focusing on India, has made a significant investment of Rs 525 crore in Ivy Health and Life Sciences Pvt Ltd (Ivy). This investment has resulted in IndiaRF becoming the majority shareholder of Ivy.

As part of this transaction, IndiaRF will acquire Ivy’s NABH-certified facilities located in Punjab, specifically in Mohali, Amritsar, Khanna, Hoshiarpur, and Nawanshahr. India has also provided substantial growth capital, which will be used to enhance the quality and range of patient care services offered by Ivy’s existing facilities and expand its presence to other cities in the state and neighboring regions.

“Post COVID-19, there’s significant emphasis on providing localized healthcare in the form of multi-specialty 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 India RF. 

“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 in 2008 by Gurtej Singh and Dr. Kanwaldeep Kaur, Ivy operates with a combined capacity of nearly 800 beds and provides comprehensive multi-specialty care and procedures. While based in Punjab, Ivy serves patients not only from Punjab but also from neighboring regions, including Himachal Pradesh, Haryana, and Jammu. The Ivy network caters to over 300,000 patients annually.

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