General Atlantic Takes Over Ujala Cygnus Healthcare Chain In Over Rs 1,000 Crore Deal
According to the reports in the media, in a significant move within the healthcare sector, private equity firm General Atlantic has secured a substantial majority stake in Ujala Cygnus, a prominent healthcare chain based in Northern India, for a reported sum exceeding Rs 1,000 crore. The agreement marks a pivotal partnership between the two entities, as disclosed by sources familiar with the matter, the media report stated.
According to a statement released by Ujala Cygnus on Wednesday, General Atlantic's investment entails a strategic acquisition of a major portion of the company's equity. While precise details regarding the deal's magnitude and stake percentage remain undisclosed officially, insider sources affirm the acquisition's significant financial scale.
Reportedly, the transaction also signals a complete exit for Ujala Cygnus' early investors, namely Eight Roads Ventures, Somerset Indus Capital, and Evolvence Capital, who have opted to divest their holdings entirely.
Emphasising General Atlantic's commitment to facilitating Ujala Cygnus' growth trajectory, the healthcare provider's Chairman and Director, Probal Ghosal, underscored the chain's remarkable expansion since 2018. Within this period, Ujala Cygnus has expanded its network from nine to 21 facilities across 17 cities in five states, augmenting its bed capacity from 1,000 to over 2,500 beds.
Moreover, Ghosal outlined the company's strategic vision, which encompasses both organic and inorganic growth strategies. This includes collaborative initiatives with local hospitals through leasing and revenue-sharing models, aimed at extending Ujala Cygnus' reach into underserved markets.
Commenting on the partnership, Shantanu Rastogi, Managing Director and Head of India at General Atlantic, commended Ujala Cygnus for its reputation as a trusted provider of comprehensive and affordable healthcare. Rastogi expressed optimism about leveraging General Atlantic's expertise to further enhance Ujala Cygnus' position as a leading platform for affordable healthcare in Northern India, the media report further added.
