Dialysis service chain Apex Kidney Care has raised $10 million (Rs 83.3 crore) as a part of its funding round from Tata Capital Healthcare Fund, the healthcare-focused arm of private equity firm Tata Capital Ltd.
The round was a mix of primary and secondary capital with around Rs 60 crore being the primary investment, while the remaining amount being the secondary component, Apex Kidney Care said in a statement on Wednesday.
The Mumbai-based healthcare chain will use the fresh money to expand its dialysis services across the country.
“We will continue to partner with clinicians both in existing and newer geographies as we plan to ramp up our existing infrastructure,” said Indranil Roy Choudhury, chief executive officer, Apex Kidney Care.
Apex Kidney Care primarily provides kidney care and dialysis services and runs a chain of dialysis centres. It currently operates around 180 such centres across 120 cities in India.
“We aim to work with Apex Kidney Care and make quality and cost-effective services available to nephrology patients,” added Vamesh Chovatia, partner, Tata Capital Healthcare Fund II.
Meanwhile, Tata Capital Healthcare Fund is a growth-stage PE fund focused on the healthcare and lifesciences sector in India. It is sponsored by Tata Capital Limited, a subsidiary of Tata Sons Limited and has raised commitments of around $200 million across two funds, with its latest fund marking its final close at Rs 955 crore ($126 million) which was higher than the targeted Rs 950 crore, excluding green shoe option.
In an interaction with VCCircle, Chovatia said that 65% of the corpus has been deployed to date across seven startups including Apex Kidney Care and the firm plans to deploy the remaining corpus by the end of June 2024.
Notably, this is the second transaction in the nephrology space in the last month. Earlier, in September, Asia Healthcare Holdings (AHH) acquired a majority stake in the Asian Institute of Nephrology and Urology (AINU) for Rs 600 crore ($72.1 million) through a mix of primary and secondary infusion.
