Two venture capital funds TVS Shriram Growth Fund (TSGF) and ePlanet Ventures, have infused Rs 60 crore in Medfort Hospitals Pvt Ltd (Medfort), promoted by Chennai-based Trivitron group. The infusion would be part of Medfort's fund-raising for its proposed of Rs 100 crore expansion plan, according to a senior company official.
Medfort, founded by Dr G S K Velu, who is also the founder and managing director of Chennai-based Trivitron group.
Medfort operates a diabetic day care and eye care hospitals in Delhi and NCR region.
According to Dr GSK Velu, Medfort has seven hospitals in Delhi and NCR, and plans to expand to 100 eye hospitals and 20 diabetic centres in the next two years. It was also planning to enter the Middle East market with an investment of Rs 100 crore. “We are looking at both organic and inorganic routes for the proposed expansion,” said Velu.
It was also looking to open hospitals in Andhra Pradesh, Uttar Pradesh, Punjab, Haryana, Maharashtra, Tamil Nadu, Orissa, Middle-East and South Africa in the next 3-5 years and set a target revenue of Rs 250 crore.
While declining to comment the quantum of dilution, he said that this Phase I investment by TVS Shriram and ePlanet Ventures would support its proposed investment and the company still has a scope for additional investments.
TSGF-I is a Rs 600-crore fund focusing on consumption opportunities in mid-market companies. The fund is managed by TVS Capital Funds Ltd. This is the fifth investment of TSGF which has also invested in Nine dot Nine Mediaworx, TVS Logistics, Dusters / Total Solutions and Landmark.
Established in 1999, ePlanet Ventures is a global venture and growth capital business model fund, which was founded by Asad Jamal. He is also its chairman and chief executive officer.
