Private equity firm General Atlantic has acquired a majority stake in healthcare chain Ujala Cygnus for over Rs 1,000 crore, according to sources.
Ujala Cygnus has entered into a partnership with General Atlantic and as part of the agreement, the latter will acquire a significant majority stake in the company, a statement by the healthcare provider in Northern India said on Wednesday.
While there were no official comments from the two companies on the exact size of the deal and the quantum of stake, sources said the majority stake has been acquired for over Rs 1,000 crore.
'The company's early investors, Eight Roads Ventures, Somerset Indus Capital, and Evolvence Capital, made a full exit,' the statement said.
General Atlantic will play an active role in supporting the company with its expansion plans, leveraging its value-add capabilities and expertise in thoughtfully scaling healthcare platforms, it added.
Ujala Cygnus Chairman and Director Probal Ghosal said since 2018, the healthcare chain has expanded its hospital network from nine to 21 facilities across 17 cities in five states, increasing the bed capacity from 1,000 to over 2,500 beds.
'With a commitment to further extend its impact in underserved markets, Ujala Cygnus aims to pursue both organic and inorganic growth strategies, including collaborations with local hospitals through leasing and revenue-sharing models,' Ghosal added.
General Atlantic Managing Director and Head of India Shantanu Rastogi said Ujala Cygnus has established itself as a trusted provider of comprehensive and affordable healthcare, coupled with robust clinical governance and quality standards.
'...we hope to build Ujala Cygnus into the leading platform for affordable healthcare in Northern India,' Rastogi added.
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