IVEN Medicare invests $24 Mn in Vikram Hospital
Bangalore: IVEN Medicare, the healthcare arm of ICICI Venture has invested $24 million in Mysore-based Vikram Hospital. Vikram Hospitals Managing Director SB Vikram is aiming to scale up the number of hospital beds from 500 to 2,000 over the next two years through this investment. The Mumbai based ICICI venture's fourth investment in hospital, will help Vikram hospital to focus on the smaller towns in Karnataka. "The hospital was looking to partner like-minded doctors or hospitals to set up secondary/tertiary care hospitals. In the interim, Vikram Hospitals intends to set up five dedicated speciality hospitals in Mysore for trauma, ortho, plastic and neuro in one facility followed by gastro, uro and nephrology in another. The third one will have women and childcare while the fourth would be for oncology with the fifth one for high-end dentistry, cosmetology, ENT and value-added specialities," says Vikram. Srinivas Rao, director investments of ICICI Venture (which has funded IVEN Medicare) said, "IVEN is keen to partner in the growth of the Indian healthcare sector. The bed to population ratio is currently 1:3,500 in India while in developed economies it is 4-5:1,000. Rising disposable income means people want the best healthcare facilities available." IVEN Medicare has already invested $10 million in Delhi-based RG Stone Hospital, $16.5 million in Kolkata-based Medica Synergie and $36 million in Pune-based Sahaydri Hospitals. The fund is planning seven more investments in this sector.