General Atlantic to acquire majority stake in hospital chain Ujala Cygnus
Summary
Global growth investor General Atlantic will acquire a majority stake in hospital chain Ujala Cygnus, according to a joint statement to the media.Ujala Cygnus is a leading healthcare provider in Northern India with a network of 21 hospitals serving tier 2 and 3 cities.As part of the agreement, the companys early investorsEight Roads Ventures, Somerset Indus Capital and Evolvence Capitalmade a full exit, according to the statement.Funds from General Atlantic will be used to upgrade clinical and infrastructure capabilities across Ujala Cygnus network, as well as to enhance comprehensive care offerings in key specialties. Additionally, the investment will facilitate the expansion of Ujala Cygnus network across Northern India, furthering its mission to improve healthcare access in underserved regions, according the statement.Under its unique asset-light model, Ujala Cygnus establishes long-term partnerships with hospitals, enabling the expansion of its reach. With a commitment to further extend its impact in underserved markets, Ujala Cygnus aims to pursue both organic and inorganic growth strategies, including collaborations with local hospitals through leasing and revenue-sharing models, Ujala Cygnus chairman and managing director Probal Ghosal said in the release.The hospital chain was founded in 2011. We look forward to partnering with Ujala Cygnus to extend its reach across Northern India, Varun Talukdar, principal and head of India healthcare at General Atlantic, was quoted as saying in the media handout.In addition to the investment from General Atlantic, Ujala Cygnus recently secured term loan facilities from Asian Development Bank, signifying further commitment and validation of its model from global development agencies. EY India was the sole financial advisor for Ujala Cygnus for this transaction.General Atlantic, with over four decades of experience, has provided capital and strategic support to over 500 growth companies.