Healthcare delivery platform Asia Healthcare Holdings (AHH) on Monday said it has inked a pact to raise USD 170 million (around Rs 1,284 crore) from Singapore’s sovereign wealth fund GIC.
Incubated by TPG Growth in 2016 under the leadership of Vishal Bali, AHH owns and operates South Asia’s largest single specialty healthcare delivery platform with a unique approach to growing and scaling various single specialty healthcare companies under one enterprise.
GIC’s partnership with TPG will help AHH add more healthcare enterprises under its network. Till date, AHH has invested around USD 200 million across single specialty healthcare enterprises in oncology, mother and childcare, and fertility.
“At AHH, we have built a differentiated approach to bridge the demand-supply gap in healthcare services in India and the broader South Asia region by backing single specialty healthcare delivery enterprises with a combination of capital, operating expertise, and cutting-edge clinical practices to power their growth,” AHH Executive Chairman Vishal Bali said in a statement.
From Cancer Treatment Services International to Motherhood and Nova IVF, the company’s innovative operating platform has built a strong track record of turning niche single specialty providers into market leaders in a short time, he added.
“We continue to see significant opportunities to add other specialty areas, and pathology diagnostics to the AHH platform. We are confident that our operating model supported by additional capital from GIC and TPG Growth, can add great value to all the cos: within the AHH fold, Bali noted. AHH commenced operations in 2016 with the acquisition of Cancer Treatment Services International (CTSI), which operated one facility in Hyderabad, India. AHH commenced operations in 2016 with the acquisition of Cancer Treatment Services International (CTSI), which operated one facility in Hyderabad, India.
By 2019, when TPG sold CTSI to Varian Medical Systems, it had become a leading provider of oncology services in South Asia and expanded to a network of 11 cancer hospitals with a pipeline of several more hospitals under execution. Similarly, Motherhood Women & Children’s Hospital network has grown from 3 hospitals in 2017 to 16 hospitals in 2021, with several other facilities under execution.
Most recently, AHH acquired Nova IVF in 2019 and grew it from 19 IVF centres to 50 IVF centres across 35 cities in India and South Asia. “We are delighted to partner with AHH management and TPG to bring our long-term capital, global network and resources to support the growth of the AHH platform,” Chief Investment Officer of Private Equity for GIC Choo Yong Cheen stated.