Kauvery Hospital attracts $70-M from IIFL fund

Chennai-headquartered Kauvery Hospital (via Sri Kauvery Medical Care (India) Ltd) has raised USD 70 million from a private equity fund managed by IIFL Asset Management in lieu of a minority stake. The investment is expected to help the hospital group to expand business and move for an initial public offering (IPO) in the next three years. The chain is augmenting capacity in Chennai and Bengaluru. Established in 1999 as a 30-bed hospital, Kauvery Hospitals now has a network of eight facilities comprising 1,500 beds in Chennai, Trichy, Bangalore, Salem, Hosur and Tirunelveli. The company is backed by Lightrock and GSK Velu's family office.