Nova Medical Centres raises Phase I funding from NEA, GTI

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Bangalore: Nova Medical Centers, a day care surgery center, has announced the completion of funding wherein the company has raised the capital required for their 250 crore project. This investment has been jointly facilitated by two U.S. based venture capital firms - GTI Group and New Enterprise Associates (NEA).

"This strategic investment provides the much needed impetus for us at Nova to surge ahead with our expansion plans. We plan to set up 25 specialised day care surgery centers across India in the coming months," said Girish Rao, Managing Director and CEO, Nova Medical Centers. The money raised in the second round of funding by Nova Medical Centers will provide the impetus to not just the company, but to the overall development of day care surgery in India, as Nova expands its reach across India.

The GTI Group is participating in this round of funding, and will continue to provide business leadership and business development acumen to Nova. This will include forging strategic partnerships with internationally renowned health care providers, practitioners and regulatory bodies. With this investment, Nova Medical Centers is now fully funded to fuel its expansion plan of establishing 25 centers in the country at a budget of 250 crore.

Suresh Soni, Partner, GTI LLC, and Co-Founder and Chairman, Nova Medical Centers said,"GTI LLC has been associated with Nova Medical Centers from the seed funding stage and has incubated the business from its inception. We welcome NEA as co investors in the Series A funding and look forward to seeing more day care surgery centers being set up across India in the next couple of years."

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