Ajay Piramal Group promoted India Venture Advisors (IVA) has invested an undisclosed sum in Global Baroda Hospital, a chain of five multi-specialty hospitals with operations in Gujarat and Rajasthan.
Global Baroda Hospital will use the investment to set up new centres across Gujarat.
IVA is the investment manager to India Venture Trust – Fund I, a scheme of India Venture Trust, a SEBI registered venture capital fund. This is the fifth investment of the fund in the Indian healthcare space.
Earlier the fund had invested in Kauvery Hospital, a Trichy based multi specialty hospital chain. It has also infused funds in MedPlus, a leading pharmacy chain and Vardhman Chemtech, a manufacturer of bulk drugs, intermediates and fine chemicals.
IVA was advised in the deal by o3 Capital, which is the fourth transaction of the mid-market investment bank in the healthcare space. With this transaction, the investment bank closed its sixth transaction in the last quarter.
IVA has close to Rs 400 crore funds under management. The Mumbai-based fund provides growth capital to companies operating in India.
Healthcare sector especially hospital chains have generated a lot of interest among private equity players. Some of the recent big PE deals include Sequoia Capital’s investment of $9 million in ASG Eye Hospitals, India Value Fund’s investment of $108 million in Manipal Health Enterprises, Olympus Capital Holdings’ investment of $98 million in DM Healthcare and Sequoia Capital’s investment of $20.17 million in Moolchand Healthcare.
(Edited by Prem Udayabhanu)