Somerset Indus Capital Partners on Tuesday announced its full divestment from Apex Hospitals, a multispecialty hospital group in Rajasthan to PE-firm InvAscent for Rs 265 crore.
Somerset said the exit, which marks the first from Somerset Fund II, delivered a 4x return and a fourfold increase in EBITDA, reflecting the firm’s strategy of backing scalable platforms in underserved markets.
Somerset’s investment in Apex began in May 2019, during which the hospital group tripled its revenue and doubled its workforce, expanding access to quality healthcare across Tier 2 and Tier 3 cities in Rajasthan. The firm played an active role in shaping Apex’s strategic direction, helping launch tele-health and E-ICU platforms to extend critical care services to remote regions.
It also supported the development of Apex’s Cancer Care Centre of Excellence, the first of its kind in the region, enhancing patient outcomes and strengthening Apex’s competitive positioning.
“Somerset’s journey with Apex Hospitals reflects our firm’s core investment philosophy of backing scalable, high-impact healthcare platforms,” said Ramesh Kannan, Partner at Somerset Indus Capital Partners.
“From the very beginning, the promoters’ passion and commitment to addressing the healthcare needs of the ‘missing middle’ in underserved Tier 2 and 3 cities in Rajasthan resonated deeply with us.”
Dr. Shailesh Jhawar, Promoter of Apex Hospitals, added, “We are grateful to Somerset for their invaluable partnership, which has played a significant role in defining and strengthening the strategic pillars critical to Apex Hospitals’ sustainable growth. Together, we pioneered initiatives such as Tele-ICU and Tele-OPD services and facilitated modular hospital expansion.”
The collaboration, Jhawar noted, extended beyond capital investment, emphasizing strategic partnerships, ESG compliance, and leadership development for scalable operations.
Somerset’s Broader Strategy
With an AUM of $500 million across three funds, Somerset has invested in 15 portfolio companies spanning healthcare delivery, pharmaceuticals, diagnostics, and medical devices. The firm’s “Capital for Change” philosophy blends financial returns with measurable impact, targeting India’s “missing middle”—populations underserved by traditional healthcare infrastructure.
Somerset continues to seek first-generation entrepreneurs and healthcare businesses committed to driving transformation in underserved markets.
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