With the aim of boothing the healthcare infrastructure in tier 2 and tier 3 cities of northern India, US-based private equity firm General Atlantic (GA) has announced the acquisition of a majority stake in Delhi-based Ujala Cygnus Hospitals. The deal, which marks a strategic partnership, involves the complete exit of Cygnus’s early investors—Eight Roads Ventures, Somerset Indus Capital, and Evolvence Capital.

Ujala Cygnus Hospitals, currently operating 21 facilities across five states in northern India, has emerged as a trusted provider of comprehensive and affordable healthcare services. With a bed capacity exceeding 2,500, the hospital chain prioritizes clinical excellence and quality standards.

The infusion of investment from General Atlantic is poised to catalyze significant upgrades in both clinical and civil infrastructure across the Ujala Cygnus network. This strategic collaboration will enable the hospital chain to augment its capabilities across key specialties, thereby enhancing healthcare delivery in underserved areas.

Shantanu Rastogi, Managing Director and Head of India at General Atlantic, emphasized Ujala Cygnus’s track record in revitalizing healthcare facilities and its commitment to serving communities in need. The investment not only aims at expanding the hospital network but also supports healthcare professionals desiring to work closer to their origins.

Probal Ghosal, Chairman and Director of Ujala Cygnus, highlighted the hospital chain’s remarkable growth trajectory since 2018, with a substantial increase in bed capacity and geographic footprint. The collaboration with General Atlantic further underscores Ujala Cygnus’s mission to revolutionize healthcare delivery in tier 2 and tier 3 cities.

With a focus on extending its impact in underserved markets, Ujala Cygnus plans to pursue organic and inorganic growth strategies, including collaborations with local hospitals through leasing and revenue-sharing models. The recent term loan facilities secured from the Asian Development Bank complement the investment from General Atlantic, providing additional resources for expansion.

EY India served as the sole financial advisor for Ujala Cygnus in this transformative transaction. Shuchin Bajaj, Founder Director of Ujala Cygnus, expressed optimism about the partnership with General Atlantic and welcomed healthcare practitioners to join their mission of delivering accessible and high-quality healthcare services across northern India.

The collaboration between General Atlantic and Ujala Cygnus Hospitals signifies a significant step towards bridging the healthcare gap in underserved regions, ultimately improving the well-being of communities across northern India.

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