ASK Pravi, a JV between ASK Group and Pravi Capital, today announced its investment in OMNI Hospitals, Hyderabad. The investment of Rs.60 crore will give ASK Pravi a substantial minority stake. The infusion of funds will enable OMNI Hospitals expand its network of hospitals across south and east India. Anand Vyas, Managing Partner of ASK Pravi Capital Advisors, is also joining the board of directors.
OMNI Hospitals is a tertiary care hospital chain promoted by INCOR Group founded by Mr. Anand Reddy Gummadi and Mr Surya Reddy Pulagam. It already operates 2 hospitals in Hyderabad and Visakhapatnam.
Speaking about the investment, Mr. Surya Reddy Pulagam, Managing Director, OMNI Hospitals, said, “There is a distinct lack of quality healthcare in many Tier-I and Tier-II towns. We believe that OMNI can address this need by growing its network of hospitals. OMNI plans to expand into a network of tertiary care hospitals across South and East of India in the coming 3-5 years. OMNI partners with leading Doctors to provide high quality healthcare at an affordable price. The investment from ASK Pravi also helps bring on board experienced private equity professionals who can work closely with us as we scale up our operations.”
Mr. Anand Vyas, Managing Partner, ASK Pravi Capital Advisors, said, “OMNI Hospitals has successfully demonstrated the ability to execute and manage a scalable asset-light hospital model. They have made a mark in providing affordable high quality healthcare services in a short span of time. Their philosophy of involving key doctors and creating value through a shared ownership will help the company as it scales up its operations across different towns.”
ASK Pravi Private Equity Opportunities Fund invests in fast growing companies benefiting from domestic consumption growth in India. The fund focuses on investing in unlisted small and medium sized businesses in non-Metro cities. Mr Jayanta Banerjee, Managing Partner, ASK Pravi Capital Advisors, said, “This investment fits in perfectly with our strategy of partnering with entrepreneurs seeking to expand businesses that serve the domestic market. In keeping with our philosophy of ‘Active Investing’, we are excited to partner with OMNI as it builds its network of hospitals.”
Spark Capital acted as the sole financial advisor to OMNI Hospitals for this transaction. Tatva Legal acted as the legal advisors to ASK Pravi and Grant Thornton conducted the financial and accounting due diligence for the transaction.
About OMNI Hospitals
OMNI Hospitals, promoted by the INCOR Group, is a tertiary care hospital chain headquartered in Hyderabad that is focused on delivering affordable healthcare to its patients. It currently operates 2 hospitals located in Hyderabad and Visakhapatnam. It offers over 20 specialties including Cardiology, Nephrology, Orthopedics and Pediatrics. OMNI 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 that it operates in.
About ASK Pravi Capital Advisors
ASK Pravi Capital Advisors, a joint venture between ASK Group and Pravi Capital, is the investment manager of ASK Pravi Private Equity Opportunities Fund. The Fund focuses on fast growing unlisted businesses which benefit from domestic consumption demand. It pursues an "Active Investing" approach to closely manage and nurture its portfolio companies while providing them with growth support through its team of investment and operating professionals.
OMNI Hospitals is a tertiary care hospital chain promoted by INCOR Group founded by Mr. Anand Reddy Gummadi and Mr Surya Reddy Pulagam. It already operates 2 hospitals in Hyderabad and Visakhapatnam.
Speaking about the investment, Mr. Surya Reddy Pulagam, Managing Director, OMNI Hospitals, said, “There is a distinct lack of quality healthcare in many Tier-I and Tier-II towns. We believe that OMNI can address this need by growing its network of hospitals. OMNI plans to expand into a network of tertiary care hospitals across South and East of India in the coming 3-5 years. OMNI partners with leading Doctors to provide high quality healthcare at an affordable price. The investment from ASK Pravi also helps bring on board experienced private equity professionals who can work closely with us as we scale up our operations.”
Mr. Anand Vyas, Managing Partner, ASK Pravi Capital Advisors, said, “OMNI Hospitals has successfully demonstrated the ability to execute and manage a scalable asset-light hospital model. They have made a mark in providing affordable high quality healthcare services in a short span of time. Their philosophy of involving key doctors and creating value through a shared ownership will help the company as it scales up its operations across different towns.”
ASK Pravi Private Equity Opportunities Fund invests in fast growing companies benefiting from domestic consumption growth in India. The fund focuses on investing in unlisted small and medium sized businesses in non-Metro cities. Mr Jayanta Banerjee, Managing Partner, ASK Pravi Capital Advisors, said, “This investment fits in perfectly with our strategy of partnering with entrepreneurs seeking to expand businesses that serve the domestic market. In keeping with our philosophy of ‘Active Investing’, we are excited to partner with OMNI as it builds its network of hospitals.”
Spark Capital acted as the sole financial advisor to OMNI Hospitals for this transaction. Tatva Legal acted as the legal advisors to ASK Pravi and Grant Thornton conducted the financial and accounting due diligence for the transaction.
About OMNI Hospitals
OMNI Hospitals, promoted by the INCOR Group, is a tertiary care hospital chain headquartered in Hyderabad that is focused on delivering affordable healthcare to its patients. It currently operates 2 hospitals located in Hyderabad and Visakhapatnam. It offers over 20 specialties including Cardiology, Nephrology, Orthopedics and Pediatrics. OMNI 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 that it operates in.
About ASK Pravi Capital Advisors
ASK Pravi Capital Advisors, a joint venture between ASK Group and Pravi Capital, is the investment manager of ASK Pravi Private Equity Opportunities Fund. The Fund focuses on fast growing unlisted businesses which benefit from domestic consumption demand. It pursues an "Active Investing" approach to closely manage and nurture its portfolio companies while providing them with growth support through its team of investment and operating professionals.
