AHH raises $150 million from GIC, values it at $900 million

BENGALURU: TPG-backed Asia Healthcare Holdings (AHH) has raised $150 million from Singapore’s sovereign wealth fund GIC, making the latter the largest shareholder in the single-specialty healthcare platform. This came after GIC's initial investment of $170 million in AHH, which was made two years ago. The fresh funding, sources told TOI, values AHH at around $900 million. AHH established market dominance by converting standalone specialty hospitals in oncology, mother & childcare, urology & nephrology, and IVF & fertility into industry frontrunners. “Over the past seven years, spanning across four distinct specialities, we achieved significant economic growth, resulting in an EBITDA range of 20-23%. We are growing at 25% year-on-year. We aspire to be close to Rs 6,000 crore in revenue in the 2031-32 financial year, coming closer to the $1 billion milestone we plan to achieve by the 2033-34 financial year,” said Vishal Bali, executive chairman of AHH. To date, AHH invested around $300 million across hospital chains. “AHH’s distinct operating model and the synergies we can leverage from the scale of the platform will enable us to replicate our success across new specialties we bring under our fold,” he added.


AHH operates and manages a diverse healthcare network comprising Motherhood Hospitals, which includes 24 specialised facilities for women and children spread across 12 cities. Additionally, they oversee Nova IVF Fertility, a network of 96 fertility centres operating in 57 cities throughout India and South Asia. Motherhood, for instance, reported a revenue of Rs 1,060 crore in the 2023-24 financial year, a 113% increase compared to the year-ago period. Its net profit rose 549% to Rs 60 crore.


Last year, AHH acquired a majority stake in Asian Institute of Nephrology and Urology (AINU) for Rs 600 crore, which has a presence in five cities through seven hospitals. AHH previously exited the chain of oncology hospitals CTSI in 2019. Bali said that most of the funding would be deployed for expansion and identifying new healthcare assets in areas like gastroenterology. “We are looking to set up 5-6 greenfield hospitals for AINU by the 2025-2027 financial years. We also plan to set up 10-15 Motherhood hospitals in the next two years,” he added.


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