Ajay Piramal Group announced that India Venture Advisors is preparing to launch a INR1,000 crore fund. India Venture Advisors is a venture capital centered on healthcare.
"We are looking at INR1,000 crore fund, of which INR500 crore will be from overseas investors to invest in the Indian health-care market," President of India Ventures Advisors, Sanjay K. Randhar, explained.
He added that the existing INR400 crore has been thoroughly expended and are now committed to its investments. A new fund will, therefore, be unveiled, he said.
"We will be the sponsors of the fund, but we cannot disclose how much we will put in the fund," Randhar said. The company has already targeted a few early stage healthcare facilities including hospitals with robust local presence in mainly western and southern India.
He talked about how Tier-II and Tier-III cities would drive the next stage of growth in the Indian healthcare industry. "This is a market that had huge potential for expansion in quality healthcare," he explained.
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