Matrix Partners India invests in Meditrina
Trivandrum, India '“ September 4, 2013: Matrix Partners India today announced that it has picked up a significant minority stake in Meditrina Hospitals for about INR 40 crores as the sole investor in the first institutional round of equity funding for the Company. Meditrina is a leading provider of cardiac care in South India. It currently operates four units focused on interventional cardiology in South and Central Kerala. Meditrina strives to provide high quality care with best in class infrastructure at an affordable cost in these locations. Meditrina started its operations three years ago and in a short span of time, has built a strong brand under the leadership of Kerala's leading interventional Cardiologist Dr. N Prathap Kumar.
"Technology introduction in cardiac care in India has been on the rise since mid '˜90s. I have had the privilege to be at the forefront of cath lab introduction in Kerala. I can also see that Tier II India was lagging behind though the need was as acute there. My focus also has always been to use the existing medical infrastructure, hence the idea of Specialty Inside Hospital (SIH). Meditrina was born by merging these three concepts. Though we now focus on interventional cardiology, we will soon venture into bypass and allied cardiac care with a world class facility in Kollam. My vision is to take Meditrina pan India in the near future with a sharp focus on what we do best, providing affordable cardiac care in Tier II India. We aim to keep our capital and operating costs low and pass the benefit to customers, most of whom are bread winners of their respective families. Partnership with Matrix will enable us to move fast in the growth phase and provide us thought leadership, given their strong background in Healthcare Services.' said Dr. N Prathap Kumar, founder of Meditrina Hospitals Private Limited.
"It is our privilege to be associated with the team at Meditrina, especially Dr. N Prathap Kumar, whose vision to create quality cardiac care in tier II India particularly impressed us. The capital efficient Cardiac SIH model is a substantial business model innovation in a hitherto highly capital intensive, super specialist therapeutic area.' said Asish Mohapatra, Vice President, Matrix India.
"Specialty healthcare services are an important franchise area for Matrix Partners India as they satisfy a growing demand for affordable and patient'“centric quality care for Indian consumers and this investment continues to build our Healthcare investing franchise in this area.' said Avnish Bajaj, co-Founder and Managing Director, Matrix India.
Meditrina has a number of several eminent Cardiologists planning to join the team in the immediate future. In the next five years, Meditrina aims to grow into a strong network of 20 SIHs supported by two strategically located centres of excellence. It is in the process of ramping up personnel both on clinical (Cardiologists) and non-clinical management to build the engine for this growth.
About Meditrina Hospitals Private Limited:
Meditrina Hospitals Private Limited is a leading provider of diagnosis, prevention, acute, ICU care and procedures in cardiac care. It has four functional centres in South and Central Kerala, three of which are inside large hospitals. Meditrina stands for affordable care, patient centricity, fast discharge and technical excellence. It has several eminent cardiologists and allied care specialists both in full time and consultant roles. Meditrina is headed by Dr. N Prathap Kumar, one of Kerala's leading interventional cardiologists with 6000+ angioplasties in the last 15 years, along with a distinctive career in research. He has the experience of setting up cardiac units in several hospitals in Kerala and Bangalore as a practitioner, administrator and entrepreneur.Further information is available at www.meditrinahospital.com
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies including Centre for Sight (eye care chain), Cloudnine (maternity and infant care chain), Mewar Ortho (orthopedic care chain), Enhance (cosmetology chain), Muthoot Finance (gold loan NBFC), Quikr (online classifieds), Tree House Education (preschools) and Ver se Innovation (mobile classifieds). Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in
