Rainbow gets Rs 100 cr PE investment
To set up new hospitals in Chennai, Bangalore and other cities over next five years Hyderabad:...
To set up new hospitals in Chennai, Bangalore and other cities over next five years
Hyderabad: City-based Rainbow Hospitals which solely focuses on paediatric and maternity healthcare has received Rs 100-crore private equity investment from UK Government’s CDC and Abraaj Group. The healthcare entity, which currently operates three hospitals in the city and one in Vijayawada, will use the funds to set up new hospitals in Chennai, Bangalore, Pune, Visakhapatnam and Kurnool by over the next five years.
“The current investment will give us the capacity to expand the number of hospital beds from the present 450 to 1,000 by 2017. Through this expansion, we intend to replicate our success in cities such as Bangalore and Chennai. In addition, we would like to develop tertiary paediatric car Tier II cities such as Visakhapatnam and Kurnool,” Dr Ramesh Kancharla, Chairman and Managing Director, Rainbow Hospitals, told media here on Tuesday.
Starting with just 50 beds in 1999, Rainbow Hospitals has grown into a leading healthcare player in the country’s paediatric space. The hospital chain, which is logging in 25 per cent growth annually, is generating yearly revenues of around Rs 100 crore now. It also registered phenomenal growth in the number of patients from as low as 4,000 in 1999 to over 44,000 now.