Asia Healthcare Holdings raises $170 million from Singapore’s GIC

Asia Healthcare Holdings (AHH), a platform backed by TPG Growth, has raised $170 million from Singapore-based sovereign wealth fund GIC, in one of the largest investments made in the Indian single-specialty healthcare sector.

Incubated by TPG growth in 2016 under the vision of Vishal Bali, AHH is South Asia's largest single-specialty healthcare delivery platform following an umbrella-isque approach for helping various single-specialty enterprises to grow and scale effectively.

"We continue to see significant opportunities to add additional single-specialty areas, including diagnostics, and are confident that our operating model, supported by additional capital from GIC and TPG Growth, can achieve similar results across these specialties as well,” Executive Chairman Vishal Bali said.

AHH has invested more than $200 million across various verticals like oncology, mother and childcare, alongside establishing market leadership in all such segments, the company said.

With this partnership, more entities are expected to be added to this network.

AHH was launched in 2016 with the acquisition of Cancer Treatment Services International (CTSI). Back then, the firm operated one facility in Hyderabad.

By 2019, before its sale to Varian Medical Systems, it had become the market leader in quality oncology services in South Asia through its network of around 11 cancer hospitals, with many more in the pipeline, the company said.

Similarly, Motherhood Women & Children’s Hospital network has grown from three hospitals in 2017 to 16 in 2021, with several other facilities under execution.

AHH's most recent acquisition includes Nova IVF, which it gained in 2019, facilitating its growth from just 19 IVF centres to almost 50 centres in India and South Asia.

“At AHH, we have built a differentiated approach to bridge the demand-supply gap in healthcare services in India and the broader South Asia region by backing single-specialty healthcare delivery enterprises with a combination of capital, operating expertise, and cutting-edge clinical practices to power their growth,” said Vishal Bali, Executive Chairman

Barclays Bank Plc acted as the financial adviser to TPG for the transaction, whereas SAM were the legal adviser to TPG.

“For more than five years, we have been committing significant growth capital, resources, and operational skills to create leading single-specialty businesses across the healthcare services continuum under AHH,” said Ankur Thadani, Business Unit Partner in TPG Growth.