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Regency Health to invest ₹450 crore to increase bed capacity to 2,300

Hospital Group Regency Health announced that it has received an investment of ₹450 crore from Norwest Venture Partners. According to the company, this funding will help drive its plan to increase the bed capacity to 2,300 by the year 2027.

Regency Health operates super-specialty hospitals in Kanpur, Lucknow, and surrounding cities and rural areas in Uttar Pradesh. The healthcare player, which has been in existence for close to three decades now, said it will use the investment to fund further expansion across the state.

“By August 2024, the hospital is set to open a 250-bed facility in Gorakhpur, followed by another 450-bed unit in Kanpur in January 2025, a 350-bed unit in Varanasi in January 2026, and another 375-bed unit in Lucknow by February 2027,” Regency said in a press release. It added that it is also looking at other cities for expansion.

In this round of funding, Regency Health’s existing investors, International Finance Corporation (IFC), HealthQuad, and Koi Ventures, will get an exit from the company. These investors came on board in 2017.

o3 Capital acted as exclusive financial advisors to Regency and its shareholders for the transaction with Norwest Venture Partners. DSK Legal was the legal advisor, while Shardul Amarchand Mangaldas advised Norwest on this transaction.

Regency Health CEO Abhishek Kapoor said, “This investment will significantly enhance our infrastructure and services, directly benefiting the people of UP. Our unwavering ‘From UP For UP’ ethos aligns seamlessly with our mission to serve the people of Uttar Pradesh.”

“Our upcoming multi-specialty tertiary hospitals, including those in Gorakhpur, Kanpur, and Varanasi, are poised to set new benchmarks in healthcare excellence,” said Dr Atul Kapoor, Chairman and Managing Director.

Norwest India Managing Director Shiv Chaudhary said, “With Uttar Pradesh emerging as an economic powerhouse, the potential for impactful investments is immense. This collaboration is a significant step towards realizing Regency’s growth aspirations and redefining healthcare benchmarks that will positively impact the lives of Uttar Pradesh’s residents.” CNBCTV18

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