US-based private equity company General Atlantic has taken a ‘significant’ majority stake in Ujala Cygnus, a multispecialty hospital chain operating in Northern India. 

This move reinforces General Atlantic’s commitment to strengthening affordable care availability, mainly in underserved regions.  

Although there was no official disclosure of the deal’s financial terms, some media sources, including Zee Business reported the deal value to be Rs10bn ($119m).  

The deal was announced in December last year. 

New Delhi-based Ujala Cygnus runs 21 hospitals in Tier-II and Tier-III cities across the country. It operates on an asset-lite model, forming long-term alliances to broaden its reach.  

The latest transaction marks the complete exit of its early investors, including Somerset Indus Capital, Eight Roads Ventures, and Evolvence Capital. 

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Leveraging the support of General Atlantic and current shareholder Amar Ujala, Ujala Cygnus now plans to extend its services and enhance its vision of delivering affordable healthcare across the Northern India region. 

The company, under the guidance of Ujala Cygnus chairman and director Probal Ghosal and Ujala Cygnus founder director Dr Shuchin Bajaj, will channel the latest investment from General Atlantic into upgrading clinical and civil infrastructure within its network.  

Besides, the investment will help in expanding comprehensive care across key specialities.  

This move is set to improve healthcare access in underserved areas and support medical professionals who wish to work closer to their hometowns. 

For this transaction, EY India acted as the sole financial adviser to Ujala Cygnus. 

General Atlantic noted that the healthcare sector in India’s Tier-II and Tier-III cities is dominated by government hospitals and smaller nursing homes and the facilities often lack multi-specialty services, causing many patients to travel to urban areas for treatment.  

Ghosal said: “Since 2018, Ujala Cygnus has expanded its hospital network from nine to 21 facilities across 17 cities in five states, increasing 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.”  

The Indian healthcare space has seen a series of deals in recent times, including Blackstone’s acquisition of a controlling stake in CARE Hospitals, as well as the acquisition of Alexis Multi Speciality Hospital by Max Healthcare Institute.