Krishna Institute of Medical Sciences (KIMS Hospitals), a healthcare group with a sizeable presence in Telangana and Andhra Pradesh, on Wednesday announced that it had received a strategic growth investment from global growth equity firm General Atlantic.
As part of the transaction, the firm has invested over $130 million in a combination of primary capital and secondary purchases to acquire a significant stake in the firm, its management said.
While a major chunk of this money goes to ICICI Ventures as it has sold its entire 30 per cent stake to General Atlantic while the promoters have sold a small percentage of a stake to the new investor. General Atlantic’s entry has paved the way for the exit of ICICI Ventures, which had invested Rs 2.2 billion in the company in 2014. Set up in 2004 by cardiothoracic surgeon Bhaskar Rao, KIMS Hospitals has grown to become one of the largest corporate healthcare groups in south India, with seven multi-specialty hospitals across the region and a capacity of over 2,500 beds.
Source: Business-Standard