Acumen to invest Rs 4.5 crore in Ayurvaida hospitals

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{image-acumen fund_12062008.jpg www.oneindia.com}Kochi, June 12: The United States-based social capital venture fund Acumen Fund today announced an equity investment of Rs 4.5 crore in the Kerala-based AyurVAID Hospitals to start a chain of low-cost ayurvedic treatment centres all over the country.

Announcing the tie-up at a press conference here, AyurVAID CEO Rajeev Vasudevan said the investment would be used to start six 15 to 30-bed hospitals in six cities within an year. Among the shortlisted cities were Bangalore, Mumbai, Chennai and Hyderabad. The promoting company of AyurVAID Hospitals, Kerala First Health Services Pvt Ltd, presently runs a 15-bed treatment centre in Kochi and a 60-bed hospital at Aluva in Ernakulam district.

The company planned to start 40 hospitals with in-patient facilities over the next four years.

Mr Vasudevan said the hospitals would focus on affordable healthcare for the low and middle income sections, especially for treatment of chronic illnesses.

Acumen Fund India Business Manager Biju Mohandas said the fund invested in business start-ups in Asia and Africa in the social sector covering health, housing, energy and water.

The fund had invested close to US Dollar 16 million in India. It looked for scalable and sustainable models with robust senior management, social impact and breakthrough innovations.

This was the fund's first investment in a venture in Kerala, he added.

UNI

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