Corporate Updates

Nova Medical raises funds from NEA, GTI Group

eHEALTH Bureau

Nova Medical Centres, incubated by GTI, the specialised day care surgery centre, has completed its second round of private equity funding by raising the capital required for its Rs 250-crore project.

According to a recent report by VC Circle, This investment has been jointly facilitated by two US based venture capital firms, GTI Group and New Enterprise Associates (NEA). Nova has been conceived and incubated by GTI LLC. The initial round of funding saw Nova Medical Centers raise USD 3.5 million from GTI LLC. The GTI Group is participating in the Series A funding and will continue to provide business leadership and business development acumen to Nova.

This will include forging strategic partnerships with internationally renowned health care providers, practitioners and regulatory bodies. The GTI Group continues to be the largest shareholder in Nova.

The money raised in the second round of funding by Nova Medical Centers will provide the impetus to not just the company but to the overall development of day care surgery in India as Nova expands its reach across India. Internationally, almost 70% of all surgeries are conducted as day care surgeries and this trend is on the rise in India as well.

NEA has approximately USD 11 billion of committed capital. The firm’s 30-year track record of successful investing spans the healthcare, information technology and energy technology sectors.

With this investment, Nova Medical Centers is now fully funded to fuel its expansion plan of establishing 25 centers in the country at a budget of Rs 250 crore.

“This strategic investment provides the much needed impetus for us at Nova to surge ahead with our expansion plans. We plan to set up 25 specialised day care surgery centers across India in the coming months,” informs Girish Rao, Managing Director and CEO, Nova Medical Centres.

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