Bengaluru-based Primecare gets first FDI boost from Capital Clients of UK
Bengaluru, May 20, 2020
Primecare India, a healthcare start-up in Bengaluru, received a major boost with its first foreign direct investment (FDI) from Capital Clients, a UK-based healthcare firm who have bought 10% stake in the company.
The strategic investment would be utilized to expand the Primecare brands in India, a press release from the company said.
Currently, Primecare Group runs its flagship multispecialty hospital, medical clinics and a chain of pharmacies. The FDI has gone into its healthcare vertical, where Primecare is eyeing a major expansion in 2020-21.
Embrace, the mother and child vertical, which has brought about a significant traction in the mid-segment mum & baby segment. is ready for rollout. Embrace fertility unit and Neonatal ICU are also very popular and deliver affordable quality care. The hospital is NABH- accredited.
“Our flagship hospital is fast expanding and we are geared to add another Embrace hospital unit this year. We are committed to quality healthcare and proud to receive consistent great feedback from our patients,” said Dr Sayeed Ahmed, CMD at Primecare.
The hospital opened its doors to patients in February 2017.
“We are looking to close two further angel investor deals this year as pre-series A funding; whilst preparing for Series-A venture capital funding in 2021. This would fuel our growth plan of 5 Embrace hospitals by 2022,” added Tanveer Mohamed, Director, Strategy & Investments at Primecare.
“We are upbeat about our entry into the Indian healthcare space with this investment. We believe in the Indian growth story and look forward to working with Primecare to deliver great care in the years to come,” said Rizwan Sama, Director Capital Clients. His co-director Amran Ahmed said, “This strategic investment would add great value to us as a serious multinational healthcare player. Going forward we are looking to enter the healthcare service arena i.e. GP surgeries and care home segment in the United Kingdom.”
Capital Clients has investments into medical supplies in UK and is now venturing into medical consumables manufacturing with a new unit in Qatar free zone – ready for production Q3 this year. The partnership will enable the firms to deliver the strategic objectives utilizing the synergies, which both groups bring to the table.