Goldman Sachs, NEA invest Rs 300 cr in Nova Medical

Mumbai, Aug 13: Short-stay surgical care and fertility clinics company Nova Medical Centres has received an investment of Rs 300 crore from Goldman Sachs and venture capital fund NEA.

Goldman Sachs, a global investment bank, has invested Rs 220 crore while New Enterprise Associates (NEA) has made an investment of Rs 80 crore (around USD 14 million), Nova said in a statement here today.

The proceeds from the stake sale will be used to further expand the company's speciality surgery and fertility businesses, the statement said.

Established in 2009, the company has a network of nine surgical and three IVF (in-vitro fertilisation) centres in Bangalore, Mumbai, Delhi, Hyderabad, Chennai and Jaipur.

The investment "will accelerate the expansion of Nova's footprint across the country, both organically as well as through acquisitions," its chairman and chief executive Suresh Soni said.

NEA had invested USD 15 million in the company in an earlier round of investment while Goldman, which has invested up to USD 2 billion in the country since 2006, is a new investor, the statement said.

As part of the deal, Ankur Sahu, the co-head of private equity in Asia for Goldman Sachs, and executive director Harsh Nanda will join the Board of Nova, the statement said.

PTI