Asian Healthcare Fund invests in primary healthcare chain
Wellspring will use the funds to expand across the country
Mumbai: Asian Healthcare Fund (AHF), promoted by Dabur Group chairman Anand Burman and former Dabur Pharma chief Ajay Vij, has invested an undisclosed amount in Wellspring Healthcare Pvt. Ltd.
Overall, Wellspring has raised around Rs22 crore from AHF and its existing investors that hold a minority stake in the healthcare firm, and plans to raise another Rs50 crore shortly.
This is the second round of fund-raising by Wellspring. In April 2011, it had raised about Rs20.5 crore from Infosys Ltd chairman N.R. Narayana Murthy led-Catamaran Ventures, Blue Cross Blue Field Venture Partners and Reliance Venture Asset Management.
Wellspring, which runs a chain of primary healthcare clinics under the brand name Healthspring Community Medical Centres, will use the funds to expand across India.
Currently, it has eight Healthspring centres in Mumbai.
“We plan to scale up the centres to 170 over a period of three years," said Kaushik Sen, chief executive and co-founder of Healthspring. “We will be raising another Rs50 crore in the next few months."
“We have been impressed with Healthspring’s vision to create a patient-centric primary healthcare platform which would provide the benefits of a family doctor in a modern setting," said Vij, chief executive of AHF.
The Wellspring deal is AHF’s second investment since its inception in 2011. The fund invested Rs40 crore in dental care chain MyDentist in April this year.
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