Chennai-based multi-speciality hospital chain Medway Hospitals has secured its first round of institutional equity funding amounting to $5 million. This round was led by Kyra Ventures, and it also saw participation from family offices. Nova Capital Advisors acted as advisors to the transaction.
T. Palaniappan, Chairman of Medway Group of Hospitals, said: “Our focus has always been on providing quality healthcare in Tier 2 cities and having centres of excellence in key cities. This investment will help us accelerate our expansion plans and reach 1000 beds by 2026.”
Hari Prasad, Partner, Kyra Ventures, said: “We are excited to partner with Medway Hospitals in their mission to elevate healthcare standards in India. The promoters are committed to closing the healthcare gap in underserved areas by creating access to affordable, patient-centric clinical excellence.”
Medway Hospitals is currently operating eight hospitals in Tamil Nadu and Seemandhra. Its tertiary care services include critical care, orthopaedics, neurology, nephrology, neurosurgery, organ transplantation, pulmonology, and urology, among others, and it has a dedicated unit specialising in treating cardiovascular diseases (CVD). The chain currently has around 500 beds across all locations, with each unit having around 50-100 beds.
According to a statement, during 2021, Medway set up a state-of-the-art heart institute in Chennai and performed over 1,000 heart surgeries and 3,000 cath lab procedures.
