Chennai-based Medway Hospitals, a rapidly expanding chain of multi-specialty hospitals, has successfully concluded its first institutional equity funding round, raising an impressive $5 million. The financing was spearheaded by Kyra Ventures, with additional participation from family offices, signifying a strong vote of confidence in Medway’s commitment to providing quality healthcare services.
Medway Hospitals presently operates eight hospitals across Tamil Nadu and Seemandhra, offering a comprehensive range of tertiary care services, including Critical Care, Orthopaedics, Neurology, Nephrology, Neurosurgery, Organ Transplantation, Pulmonology, and Urology, among others. The chain boasts around 500 beds across all its locations, with each facility housing approximately 50 to 100 beds.
One of Medway’s notable achievements is the establishment of the state-of-the-art Heart Institute in Chennai, which has become the only standalone heart institute in South India to receive both JCI and NABH accreditation. In just two years, the Medway Heart Institute has successfully conducted over 1000 heart surgeries and 3000 Cath Lab Procedures, establishing itself as a benchmark in cardiac care.
In 2021, Medway Hospitals initiated its organ transplant program and has achieved a significant milestone of over 150 successful renal transplants to date, further solidifying its position as a leading healthcare provider in the region.
Dr. T Palaniappan, Chairman of Medway Group of Hospitals, expressed enthusiasm about the recent funding, stating, “Our focus has always been providing quality healthcare in Tier 2 cities and having centers of excellence in key cities. This investment will help us accelerate our expansion plans and reach 1000 beds by 2026. Our hospitals have proficiency in managing and treating a wide spectrum of complex medical conditions.”
Dr. Palaniappan also highlighted a recent addition to their healthcare offerings, saying, “Less than a month ago, we launched our Institute for Pulmonology & Pulmonary Rehabilitation to cater to the increased respiratory illnesses in children and the elderly.”
Kyra Ventures, the lead investor in this funding round, expressed excitement about the partnership with Medway Hospitals. Mr. Hari Prasad, Partner at Kyra Ventures, emphasized their shared vision, saying, “We are excited to partner with Medway Hospitals on their mission to elevate healthcare standards in India. The promoters are committed to closing the healthcare gap in underserved areas by creating access to affordable, patient-centric clinical excellence.”
The collaboration between Medway Hospitals and Kyra Ventures reflects a strategic alignment towards addressing healthcare disparities and fostering patient-centered care. With this injection of funds, Medway aims to further extend its footprint, enhance infrastructure, and continue its pursuit of excellence in healthcare delivery.
The transaction was facilitated by Nova Capital Advisors, serving as advisors to Medway Hospitals during the financing process. The successful funding round not only signifies the investors’ confidence in Medway’s potential but also positions the hospital chain for substantial growth and an elevated role in advancing healthcare standards across the region.
