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Cygnus Medicare in discussion to raise ₹200 Crores: Reports

According to two sources with knowledge, a number of institutional investors, including development finance organisations and private equity funds, are in discussions to invest in Cygnus Medicare Pvt. Ltd., which manages the hospital network Ujala Cygnus Healthcare Services.

According to a source who asked to remain anonymous, the hospital operator is in discussions with Proparco SA, MO Alternate Investment Advisors, and Paragon Partners, among others.

The company intends to raise between 150 and 200 crores to give some of its supporters an escape.

However, a spokeswoman for Ujala Cygnus acknowledged the fundraising effort and stated that the closure is anticipated for February 2023 in an interview with The Economic Times on December 22.

Institutional investors in the firm include Somerset Indus Healthcare Fund, Evolvence India Fund, and Eight Roads Ventures India. However, Mint was unable to instantly identify which of these investors wanted to sell their holdings.

The second individual, who also asked to remain anonymous, claimed that the corporation had assigned the investment banking division of EY to look for possible investors.

At a post-money valuation of at least 1,000 crores, the business is looking to raise money.

When Amar Ujala acquired the bulk of the company’s stock in November 2019, Eight Roads Ventures and Somerset Indus made partial exits.

According to its website, Cygnus, which was founded in 2011, has more than 300 physicians and medical professionals and runs 18 hospitals in 15 Tier-II and Tier-III towns in Haryana, Uttar Pradesh, Uttarakhand, Jammu & Kashmir, and Delhi.

 

 

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