Ivy Health and Life Sciences Pvt Ltd, a multi-specialty hospital cum cancer research institute, has raised Rs 70 crore ($12.09 million) from Germany’s development finance institution DEG.
The money raised by Ivy will be used for setting up more hospitals in North India.
Incorporated in 2005, Chandigarh-based Ivy Hospitals has a network of three hospitals at Mohali, Nawanshahr and Khanna; of these, two are under construction.
DEG is a member of KfW Bank Group, an arm of the government of the Federal Republic of Germany, which invests in private companies in developing and emerging economies.
This is the first investment by DEG in the healthcare space and second investment this year in India.
In April this year, it had invested $60 million in NSL Renewable Power Pvt Ltd, part of the Hyderabad-based NSL Group, along with other investors, including France’s Proparco, South Korea’s private equity firm Asia Clean Energy and GS Power Co. Ltd.
Last year, it invested $12.3 million in Ahmedabad-based MAS Financial Services Ltd. Since 2005, DEG invested in around 10 companies in India.
In the healthcare space, last month, IFC invested $25 million in Global Hospitals.
(Edited by Joby Puthuparampil Johnson)