Goldman Sachs and NEA invest Rs 3 billion in Nova Medical Centers
Nova Medical Centers (Nova) announced today that it has secured an equity investment of Rs 3 billion (approximately $54 million) from Goldman Sachs and New Enterprise Associates (NEA). Goldman Sachs will invest Rs 2.2 billion (approximately $ 40 million). NEA will make an add-on investment of Rs 800 million (approximately $ 14 million). NEA had earlier invested $15 million into the company. The investments will be used to further expand the company’s specialty surgery and fertility businesses.
Established in 2009, Nova develops, acquires, owns and operates day/short-stay surgical centers in partnership with surgeons across India and the Middle East.
Nova was co-founded by renowned shoulder surgeon Dr. Mahesh Reddy and the GTI Group, based on a ‘doctor-owned and doctor-managed’ concept enabling doctors to have a sense of ownership and a long-term association with the company.
Suresh Soni, Chairman and CEO, Nova Medical Centers, said, “This landmark investment from Goldman Sachs and NEA will accelerate the expansion of Nova’s footprint across the country both organically as well as through acquisitions. This will ultimately better serve India’s healthcare delivery services industry, surgeons and, most importantly, patients.” “Both Goldman Sachs and NEA have extensive experience in investing in India and backing healthcare companies that have gone on to become international institutions, ” he added.
Ankur Sahu, Co-Head – Private Equity in Asia at Goldman Sachs, said, “This investment is consistent with our strategy to partner with experienced management teams and owners to build high quality businesses of scale in under-served sectors critical to India’s growth.”Ankur Sahu and Harsh Nanda, Executive Director at Goldman Sachs, will join the Board of Nova.
“Healthcare has always been a major focus for NEA globally and in India,” said Ben Mathias, Executive Director, New Enterprise Associates (India) Pvt Ltd. “Backing healthcare services platforms that improve quality, increase access and reduce costs is a proven strategy for us and we are excited to continue our partnership with Nova.”
Since 2006, Goldman Sachs has deployed more than $2 billion in India. Globally, Goldman Sachs has invested over $8 billion in the healthcare sector spread across more than 30 companies, including Quorum, Drayer Physical Therapy and Max India.