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India Resurgence Fund (IndiaRF) has announced an investment of ₹525 crore in Ivy Health and Life Sciences Private Ltd, making it the majority shareholder in Ivy.
An India-focused investment platform, IndiaRF is promoted by Piramal Enterprises and Bain Capital, and the transaction marks its first investment in healthcare and the first in regional hospitals.
As part of the transaction, IndiaRF said it would acquire Ivy’s NABH-accredicted facilities at Mohali, Amritsar, Khanna, Hoshiarpur and Nawanshahr. The transaction also includes an infusion of growth capital to improve and expand the services offered by Ivy’s existing facilities. Plans are afoot to expand to other cities in Punjab and adjoining regions, a note on the transaction said.
Founded by Gurtej Singh and Kanwaldeep Kaur in 2008, Ivy is said to be the largest corporate chain of hospital facilities in Punjab — with a combined capacity of nearly 800 beds.
Shantanu Nalavadi, Managing Director of IndiaRF, said in a statement, “Post Covid, 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. Consequently, these networks are also witnessing significant investor interest.”
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