Nova Medical Centers, the specialised day care surgery centre, has completed its second round of private equity funding by raising the capital required for its Rs 250-crore project. This investment has been jointly facilitated by two US based venture capital firms, GTI Group and New Enterprise Associates (NEA).
Nova has been conceived and incubated by GTI LLC. The initial round of funding saw Nova Medical Centers raise $3.5 million from GTI LLC. The GTI Group is participating in the Series A funding and will continue to provide business leadership and business development acumen to Nova. This will include forging strategic partnerships with internationally renowned health care providers, practitioners and regulatory bodies. The GTI Group continues to be the largest shareholder in Nova.
The money raised in the second round of funding by Nova Medical Centers will provide the impetus to not just the company but to the overall development of day care surgery in India as Nova expands its reach across India.
Internationally, almost 70% of all surgeries are conducted as day care surgeries and this trend is on the rise in India as well.
NEA has approximately $11 billion of committed capital. The firm’s 30-year track record of successful investing spans the healthcare, information technology and energy technology sectors. This includes out-patient healthcare facilities in the US. Bala Deshpande, Senior Managing Director of NEA’s affiliate operations in India, said, “We believe day care surgery facilities will play an important role in shaping India’s healthcare delivery system, and Nova Medical Centers is truly a pioneer in this field.”
Mr. Suresh Soni, Partner, GTI LLC, and Co-Founder and Chairman, Nova Medical Centers said, “GTI LLC has been associated with Nova Medical Centers from the seed funding stage and has incubated the business from its inception. We welcome NEA as co investors in the Series A funding and look forward to seeing more day care surgery centers being set up across India in the next couple of years”.With this investment, Nova Medical Centers is now fully funded to fuel its expansion plan of establishing 25 centers in the country at a budget of Rs 250 crore.
“This strategic investment provides the much needed impetus for us at Nova to surge ahead with our expansion plans. We plan to set up 25 specialised day care surgery centers across India in the coming months. Day care surgery is growing to be the most sought after mode of surgical treatment and our centers are equipped with ultra modern facilities and technology to cater to the medical needs of our country,” said Girish Rao, Managing Director and CEO, Nova Medical Centers.