Home healthcare services provider Health Care At Home India Pvt Ltd (HCAH) on Thursday said that it has raised Rs 112 crore ($15 million) from Singapore based impact-focused private equity fund ABC World Asia.
Vivek Srivastava, Co-Founder and CEO, HCAH, said in a statement that the investment from ABC World Asia. is a significant step for the out-of-hospital care segment in India.
He explained that the fresh capital will help the company build 1,500 beds in transition care and long-term care focused on physical rehabilitation and recovery, and long-term care for elderly.
The funding will also be used to strengthen its technology and data capabilities and build scale and develop better products, he added.
Srivastava also said that the company is keen to find acquisitions for growth.
In 2016, HCAH had acquired disease management firm Health Impetus for an undisclosed amount.
HCAH started as a joint venture between the Burman family, promoters of one of the country's top domestic fast moving consumer goods (FMCG) company Dabur India Ltd, and UK-based ‘Healthcare at Home in 2013.
In 2017, healthcare-focused private equity firm Quadria Capital committed to a milestone-based investment of up to $40 million in HCAH.
HCAH, which has presence in 70 cities across the country, provides physical rehabilitation and recovery through its service such as home ICU (intensive care unit), elderly care services including long term nursing, palliative and attendant care services and chronic disease management services.
Sugandhi Matta, Chief Impact Officer, ABC World Asia, noted in the statement that the Covid-19 has further highlighted the need to augment the conventional hospital-centric healthcare model with convenient and clinically focused care outside of the hospital.
Other significantly funded private equity and venture capital backed home healthcare providers in India are Portea and Medwell Ventures. Corporate hospitals such as Apollo Hospitals and Max Healthcare had also started their own home healthcare verticals.