Piramal Alternatives has agreed to invest up to Rs 185 crore ($21.8 million) in 3Gen Consulting, a healthcare consulting and revenue cycle management (RCM) provider, through its India Credit Opportunities Fund II.
3Gen Consulting, which has a presence in India and the US, will use the capital to expand its service offerings across existing and new customer segments, for branding and strengthening market positioning, and for potential acquisitions, according to a press statement.
Founded by Hemant Apte, a healthcare professional with close to 30 years of experience in healthcare consulting and RCM enterprise solutions, 3Gen focuses on optimising operational efficiency through data-driven strategies.
Its services include medical coding, billing, accounts receivable management, risk adjustment reviews, payer contract negotiations and physician education services across specialties.
Piramal Alternatives, the fund management business of Piramal Group, manages over $1.5 billion in assets. It manages the India Resurgence Fund (India RF), the Piramal Performing Credit Fund I & II, the Hybrid Growth Private Equity Fund and the India Access Fund (Private Equity Fund of Funds).
India RF is a distressed assets fund in partnership with Bain Capital while the performing credit funds are backed a capital commitment from Canadian pension fund CDPQ.
Wodehouse Capital Advisors acted as the exclusive financial and strategic advisor for the transaction.
India’s RCM industry is valued around $4 billion and is projected to reach $14 billion by 2032, says the press release. Other recent deals in the segment include global PE firm TA Associates investing in Vee Healthtek, marking its debut in the RCM space in India.
