prneswire INCOR Group Raises Financing of INR 1550 Million from Investec Managed Emerging India Credit Opportunities Fund I and Investec Bank PLC
Published by: Indo- Asian-News-Service
Ankit Shah, Chief Financial Officer, INCOR Healthcare.
INCOR Healthcare has successfully raised financing of INR 1550 million from Emerging India Credit Opportunities Fund I (EICOF I), an Investec managed SEBI registered Category II Alternate Investment Fund along with co-investment by Investec Bank PLC. INCOR Healthcare, which operates the Multi-speciality Hospital business under the brand name OMNI Hospitals was founded in the year 2010 with the aim of bringing affordable, accessible, and accountable healthcare within the reach of everyone. Over the years OMNI has grown into a dynamic multi-specialty hospital chain of 6 hospitals spread across Andhra Pradesh & Telangana. With over 30 specialties, 800+ beds, 20 OTs, 21 ICUs, 2000+ healthcare workers, OMNI is a leading multi-specialty hospital in South India in the segment it caters to. Functional for over 11 years, the hospital has been successful in creating a unique identity of its own as a professional medical care provider with a strong adherence to ethics and a clear focus on bettering the health and lifestyle of the community in which it operates in.
The expansion plan for INCOR, under the brand OMNI Hospitals includes taking the bed count from 800+ to 1,500 – 2,000beds (based on investment availability) over the next 5-6 years. There will also be a geographic expansion, from current presence of 2 Indian states to 5 Indian states. INCOR will continue to exercise its expertise in acquiring and turning around sick hospitals into profitable centers. This growth will be supported and enabled with paperless technology environment support, and a patient engagement portal that will open up franchising opportunities enabling further growth.
INCOR Healthcare also operates their Mother and Child hospitals– Under ‘GIGGLES’ brand, this brand has been designed to bring quality delivery, gynecology, pediatric, fertility and neonatal care to the masses. Targeting the lower middle class, this hospital chain provided hygienic, world class infrastructure at affordable costs.
The focus of INCOR Group will continue to be providing affordable, accountable, accessible (AAA+ Care) healthcare to those who need it. It will continue to operate on its core philosophy of PATIENT FIRST, i.e., always putting the needs and requirements of the patient above it all and delivering quality care with love and compassion.
The investments by Investec managed EICOF I and Investec Bank PLC reinforces the strength of INCOR’s healthcare business. EICOF I focuses on investing in and providing private debt financing solutions to mid-market companies with strong promoter pedigree, corporate governance and robust financial performance, amongst other things. Investec Bank PLC is a UK-based leading mid-market focussed international financial services company that has been underwriting mid-market private credit in India since 2013-14.
OMNI Hospital’s Group Chief Executive Officer, Dr. Aloke Chandra Mullick said, “There is renewed interest and growth momentum in this sector over the past two years. We plan to grow our asset base and financials, so as to be ready for a public listing in three years.”
OMNI Hospital’s Group Chief Financial Officer, Mr. Ankit Shah who was leading the transaction has said, “This transaction closure has been the fastest for any institutional investor backed investment in INCOR, with respect to closure timelines. The funding helps INCOR to firm up its consolidation strategy by giving an exit to its outgoing Private Equity investor, ASK Pravi. The consolidation also portrays conviction of the Promoter in its core philosophy in Healthcare and the growth strategy.” About INCOR Group
INCOR began its journey in 2006, recognizing a huge need gap in the way real estate was being approached in India. The vision paid returns almost immediately, attracting a partnership with two well-known Israeli companies – Property and Building Corporation (PBC) and Electra Real Estate (ERE) – resulting in the formation of PBEL Property Development (India) Pvt Ltd. Over the years INCOR has expanded its presence in Telangana, Andhra, Tamil Nadu and Karnataka and has developed over 40million sqft and has 30million sqft under development, including commercial and residential projects. INCOR began its foray into healthcare with OMNI Hospitals in the year 2010. OMNI has grown to a chain of 6 hospitals operational across Andhra Pradesh and Telangana. In the last few years, INCOR has diversified its presence by incubating multiple startups in hospitality, wealth management and mental health.
INCOR’s businesses have been formed on three pillars: accessibility, affordability and accountability. We strive to ensure every citizen has access to good housing and healthcare, that he/she is able to afford. Accountability of great outcomes lies with us and is monitored closely.