Mumbai: InvAscent-backed Ankura Hospitals has kickstarted a fundraising process to raise ₹400-500 crore in a mix of primary and secondary transactions, three people familiar with the matter said.
The Hyderabad-based company has appointed Alvarez & Marsal as an advisor to facilitate the capital raise, and the deal is expected to be launched in the coming weeks, the people said.
“Several growth stage will be tapped as a part of the process,” one of the people said, adding that the company has seen some inbound interest from strategics as well for a minority stake in the company.
“Its existing investor InvAscent may also exit its 7-year-old minority stake in part or in full in the process,” a second person familiar with the matter said, adding that the exact deal structures are yet to be determined. All three people spoke on the condition of anonymity.
The development comes less than a year after the company raised funds to expand its operations, and at a time when investor interest in the mother and child care market has been steadily rising over the last few years on the back of a rising population, greater awareness, policy support, and increased spending on healthcare.
“As a policy, we do not comment on market speculation or on matters relating to shareholders or external advisors. What we can share is that Ankura continues to pursue its expansion plans in line with our long-term strategy, maintaining a strong focus on clinical quality and patient experience across all our centres,” a spokesperson for Ankura said.
“We have no comments,” InvAscent said in a mailed statement, while Alvarez & Marsal did not respond to Mint’s requests for a comment till the time of publishing.
In March, Ankura raised ₹165 crore from the Asian Development Bank to strengthen its market presence. At the time, the company outlined plans to establish new facilities in key cities across India.
The company was last valued at ₹877 crore as of 2025, according to Tracxn.
Founded in 2011 by Krishna Prasad Rao Vunnam, Ankura Hospitals began with the aim of providing childcare and eventually grew into a network of hospitals specialising in various verticals, including paediatrics, maternity, and gynaecology. The company has more than 600 doctors and over 1,500 patient beds, as per the company’s official website.
Ankura Medical & Research Centre Pvt Ltd, the legal entity which operates the chain, posted a consolidated revenue of ₹376 crore for FY24, according to Tracxn data.
Mother and child care market
Broadly, the mother and child care segment in India has seen heightened investor interest from private equity and strategic players. Earlier this week, Novo Holdings bought a 49% stake in Surya Hospitals.
As per reports in October, Kerala-based Sabine Hospital raised $50 million from investors, including CX Partners and Temasek’s acquisition of Cloudnine Hospitals, which is also reportedly bidding for Apollo Cradle and Children’s Hospital (ACCHL) in a deal valued at around ₹1,500 crore. Earlier, KKR invested in Kerala-based Baby Memorial Hospital in 2024.
While clear estimates on the mother and child care segment were unavailable, various reports pegged India’s overall healthcare industry at $98.98 billion in 2023 with a projected value to reach $193.59 billion over the next six years.
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