New Delhi, September 12, 2023 – India Resurgence Fund (IndiaRF), an India-focused investment platform, has announced a substantial investment of Rs 525 crore in Ivy Health and Life Sciences Pvt Ltd (Ivy), solidifying its position as the majority shareholder in the healthcare venture.
This significant transaction marks IndiaRF’s inaugural foray into the healthcare sector and the first of its kind in a regional hospital chain in northern India.
As part of the deal, IndiaRF will acquire Ivy’s National Accreditation Board for Hospitals & Healthcare Providers (NABH) certified facilities in various locations across Punjab, including Mohali, Amritsar, Khanna, Hoshiarpur, and Nawanshahr. Additionally, IndiaRF has infused substantial growth capital into Ivy, earmarked for enhancing the range and quality of patient care services offered by Ivy’s existing facilities and expanding its presence into other cities within the state and adjoining regions.
Founded in 2008 by Gurtej Singh and Dr. Kanwaldeep Kaur, Ivy has emerged as a leading healthcare provider with a combined capacity of nearly 800 beds. The organization offers comprehensive multi-speciality care and procedures, serving not only the residents of Punjab but also patients from neighboring areas in Himachal Pradesh, Haryana, and Jammu. Ivy’s extensive network boasts an impressive record, treating over 300,000 patients annually.
The deal marks IndiaRF’s maiden investment in the healthcare sector
Shantanu Nalavadi, Managing Director of IndiaRF, emphasized the evolving landscape of localized healthcare post-COVID-19: “There’s significant emphasis on providing localized healthcare in the form of multi-speciality regional hospital networks. Deepening insurance penetration has further augmented this shift as patients are increasingly looking for high-quality healthcare closer to home. Consequently, these networks are also witnessing significant investor interest. Ivy clearly stands out as truly aligned with this theme.”
Gurtej Singh, Chairman and Managing Director of Ivy Hospitals, reflected on Ivy’s journey: “Ivy has demonstrated its prowess as a regional healthcare provider catering to all segments by providing quality medical services at affordable prices. What started as a vision to make quality healthcare, affordable, and accessible in Punjab turned into a reality with Ivy becoming the largest healthcare group in the state of Punjab with 3,000+ healthcare professionals tirelessly servicing the patients from Punjab and beyond.”
Singh continued, expressing optimism about the partnership with IndiaRF: “I believe that the vast experience and resources available with IndiaRF will empower Ivy with cutting-edge technologies, thereby bringing huge benefits to the patients of the region. We sincerely believe that this partnership with IndiaRF will create tremendous value-creation opportunities for all employees, doctors, and other stakeholders.”
This landmark investment by IndiaRF represents a pivotal moment for both organizations as they embark on a journey to enhance healthcare accessibility and quality in the region.
