Regency Healthcare raises 14 million dollars for expansion

Kanpur-based Regency Healthcare said it has raised around USD 14 million (over Rs 90 crore) from a consortium of leading investors IFC, KOIS and Healthquad.

The company will utilise this corpus to fund expansion and offer quality healthcare services at an affordable price, Regency Healthcare said in a statement.

"Regency has a clear plan to grow to 1,500 beds and consolidate its position as a leader and preferred healthcare provider to patients across Uttar Pradesh," Regency Healthcare Chairman and MD Atul Kapoor said.

Over the next two years, the company plans to invest more than Rs 350 crore to add new hospitals and clinics across important locations in central and eastern UP.

The company also plans to add 15 new dialysis treatment centres, for which it has an exclusive joint venture with Fresenius, Kapoor said.

"IFC supports Regency's mission to provide access to affordable, quality healthcare in the under-served and densely populated state of Uttar Pradesh," IFC Principal Investment Officer Matt Eliot said.

The thrust to provide best infrastructure and technology at an affordable price point will deliver the much-needed benefit and outcomes to all the stakeholders, Healthquad sponsor Amit Varma said.