Kochi, Jun 12 (UNI) 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 India.
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 a year.
Among the shortlisted cities are 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 in Aluva in Ernakulam district.
The company planned to start 40 hospitals with in-patient facilities over the next four years.
Mr Vasudevan said that the hospitals would focus on affordable healthcare for the low and middle income sections, especially for treatment of chronic illnesses including skin disorders, metabolic and degenerative disorders, chronic headaches and poor immunity.
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$ 16 million in India so far. 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, Mr Mohandas added.
UNI ARC DK1420