Bangalore-based Vaatsalya Healthcare is close to stitching up a $10 million Series C venture capital round from new and existing investors. This will take the total capital raised by the company, which runs 11 low-cost hospitals in Tier II and III Indian cities, to $16.7 million.
The fresh round of funding is expected to see participation from Vaatsalya’s existing investors, said a source close to one of the venture capital funds currently invested in the company. Details were not available on whether all or some of the current investors — Aavishkaar, Seedfund and Oasis Fund — would participate in the round.
When contacted by Startupcentral, Ashwin Naik, co-founder and CEO of Vaatsalya, declined to comment on the deal. However, he said that the company’s future expansion plans include growing to 36 hospitals in the next three years across 3-4 states.
Naik and fellow doctor Veerendra Hiremath founded the company with $200,000 angel funding from friends and family. Their objective was to bring affordable and high-quality healthcare to Tier II and III and semi-urban consumers, pioneering a business model that has now become a Harvard Business School case study. Out of its 11 running hospitals, eight are in Karnataka and three in Andhra Pradesh and it has served a total of 270,000 patients.
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