Kyra Ventures leads $5m funding for Medway Hospitals’ round
- ByStartupStory | January 5, 2024
Medway Hospitals, based in Chennai, announced securing $5 million in its maiden institutional equity funding round, spearheaded by Kyra Ventures, accompanied by family offices, revealed the group on Thursday.
Operating eight multispeciality hospitals across Tamil Nadu and Seemandhra, Medway Hospitals specializes in critical care, orthopaedics, neurology, nephrology, neurosurgery, organ transplantation, pulmonology, and urology, boasting a collective capacity of approximately 500 beds.
Highlighting its achievements, the hospital chain established a pioneering heart institute in Chennai in 2021, accredited by the Joint Commission International and National Accreditation Board for Hospitals & Healthcare Providers. The Medway Heart Institute has achieved significant milestones, conducting over 1000 heart surgeries and 3000 cath-lab procedures.
Moreover, Medway initiated an organ transplant program in 2021, successfully completing over 150 renal transplants.
T Palaniappan, Chairman of Medway Group of Hospitals, emphasized, “Our focus has always been providing quality healthcare in Tier-II cities and have centers of excellence in key cities. This investment will help us accelerate our expansion plans and reach 1000 beds by 2026. Our hospitals have proficiency in managing and treating a wide spectrum of complex medical conditions.”
Recently, the institution launched the Institute for Pulmonology & Pulmonary Rehabilitation in Chennai to address the rising respiratory ailments among children and the elderly. Palaniappan added, “Less than a month ago we launched our Institute for Pulmonology & Pulmonary Rehabilitation [in Chennai] to cater to the increased respiratory illnesses in children and the elderly.”
Expressing enthusiasm about the collaboration, Hari Prasad, partner at Kyra Ventures, affirmed, “We are excited to partner with Medway Hospitals on their mission to elevate healthcare standards in India. The promoters are committed to closing the healthcare gap in underserved areas by creating access to affordable, patient-centric clinical excellence.”
Nova Capital Advisors facilitated the transaction as advisors.
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