The promoters of Hyderabad-based hospital chain Krishna Institute of Medical Sciences Ltd have raised Rs 60 crore ($9.2 million) in structured debt from Avendus Finance Pvt. Ltd, the lending arm of investment banking firm Avendus Capital Pvt. Ltd.
Avendus Finance provided the debt to a special purpose vehicle floated by the promoter family of KIMS to scale up their medical college business, the lender said in a statement.
“Financing from Avendus helps provide the flexibility required for our family’s medical college business,” said Dr Bhaskara Rao, founder of KIMS.
KIMS Hospitals has 2,120 beds at six hospitals in Andhra Pradesh and Telangana.
Apart from healthcare services, KIMS also conducts medical education programmes through affiliations with state medical boards and universities at its hospitals in Secunderabad and Rajahmundry, according to its website.
It offers programmes in super-specialities for medical graduates. It also offers under-graduate programmes in physiotherapy, nursing and medical laboratory technology.
In September, the founder had told VCCircle that the hospital chain was looking to go public within a year to let private equity investor ICICI Venture exit.