Sequoia, Elevar Equity to invest in Glocal Healthcare

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Sequoia Capital and Elevar Equity are making a co-investment in Glocal Healthcare Systems, a rural healthcare startup set up by a team of former bureaucrats. The quantum of the investment could not be ascertained yet.

The funds will be used by the startup to set up its first set of hospitals that will come up at the block level in rural areas, sources familiar with the development told VCCircle.

Both venture capital firms will invest an equal amount in Glocal, which aims to become the largest rural healthcare provider in the country.

Glocal is being backed by former SEBI chairman M. Damodaran and former secretary to Chief Minister of Tripura Sabahat S. Azim. While Damodaran is the chairman, Azim is the CEO of the Kolkata-based firm. Azim, a doctor himself, was also the CEO of SREI Sahaj E-Village Ltd, a public-private partnership between SREI Infrastructure Finance Ltd, Government of India and six state governments.

Glocal is setting up a 30 bed primary & secondary hospitals in rural India which will offer out-patient, in-patient, OT, emergency and obstetric services besides pathology, radiology, pharmacy & blood bank.

The firm also plans to provide financial products to healthcare service and equipment providers through Glocal Healthcare Financial Services, as per its site. According to an earlier report, Glocal plans to set up 2,000 hospitals across rural India in five years.

By: Madhav Chanchani