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US-based Acumen Fund is upping its investments in India. Acumen, a fund that is focused on making investments in social businesses, has invested Rs 4.5 crore in Kerala-based AyurVAID Hospitals. AyurVAID is promoted by Kochi-based Kerala First Health Services Pvt Ltd.
The company plans to set up hospitals in six new locations, including Bangalore, Chennai, Mumbai and Hyderabad, in the next one year. Its target is to build 40 hospitals by 2012 in various metros and tier-2 cities of south India. Besides, it also plans to start a chain of 200 ayurveda centres across India in long term, of which 160 would work on a hub and spoke model.
AyurVAID is a network hospital of almost all the leading insurance third-party administrators, including TTK Health Insurance Services, Family Health Plan Ltd., Paramount Health Services, United Healthcare, MediAssist India, and several more. It is also a network hospital of Star Medical and Allied Insurance, the first focused medical insurance company in India.
Acumen is a not-for-profit venture fund. Its investment portfolio has four sectors- health, energy, water and housing. Acumen has also invested $1.6 million in Drishtee, a rural ICT (Information and Communications Technology) network orchestrator that helps local entrepreneurs to set up kiosks that provide a variety of services to villagers for a fee. Acumen also has a joint venture with Hindustan Latex Ltd for Lifesprings, a network of maternity and child healthcare hospitals.