Chennai-based multispecialty hospital chain Medway Hospitals said Thursday it has raised $5 million (Rs 41.6 crore) in its first round of institutional equity funding led by Kyra Ventures.
The round also saw participation from family offices, according to a company statement. It didn’t disclose the names of the family offices.
“This investment will help us accelerate our expansion plans and reach 1,000 beds by 2026,” said T Palaniappan, chairman of Medway Group of Hospitals. “Our focus has always been providing quality healthcare in Tier 2 cities,” he added.
Hari Prasad, partner at Kyra Ventures, said Medway is committed to closing the healthcare gap in underserved areas by creating access to affordable and patient-centric clinical excellence.
Medway Hospitals operates eight hospitals in Tamil Nadu and Andhra Pradesh. It has around 500 beds across all locations, with each unit having around 50-100 beds.
Its tertiary care services cover areas such as critical care, orthopaedics, neurology, nephrology, neurosurgery, organ transplants, pulmonology, and urology. It also has a dedicated unit specialising in treating cardiovascular diseases.
Nova Capital Advisors acted as the advisor on the transaction.
