Chennai-based multispecialty hospital chain Medway Hospitals stated Thursday it has raised $5 million (Rs 41.6 crore) in its first spherical of institutional fairness funding led by Kyra Ventures.  

The spherical additionally noticed participation from household places of work, in response to an organization assertion. It didn’t disclose the names of the household places of work. 

“This investment will help us accelerate our expansion plans and reach 1,000 beds by 2026,” stated T Palaniappan, chairman of Medway Group of Hospitals. “Our focus has always been providing quality healthcare in Tier 2 cities,” he added. 

Hari Prasad, accomplice at Kyra Ventures, stated Medway is dedicated to closing the healthcare hole in underserved areas by creating entry to reasonably priced and patient-centric scientific excellence.   

Medway Hospitals operates eight hospitals in Tamil Nadu and Andhra Pradesh. It has round 500 beds throughout all places, with every unit having round 50-100 beds. 

Its tertiary care providers cowl areas resembling important care, orthopaedics, neurology, nephrology, neurosurgery, organ transplants, pulmonology, and urology. It additionally has a devoted unit specialising in treating cardiovascular ailments. 

Nova Capital Advisors acted because the advisor on the transaction.