Bangalore-based Vaatsalya Healthcare Solutions has raised $10 million in its third round of PE funding from Singapore-based Aquarius India Fund and its existing investor Seedfund.
Narasappa, Doraswamy & Raja advised Aquarius with a team led by Partner Siddharth Raja along with Senior Associate Ashwini Vittalachar and Associate Yamuna Kumaraswamy.
The Bangalore office of ALMT Legal advised both Vaatsalya and Seedfund. Vaatsalya was advised by Partner Dhanya Menon and Seedfund was advised by Senior Associate Mini Raman.
Speaking to Bar & Bench, Partner Siddharth Raja said “There is clearly a lot of investment interest in the healthcare space in general, and especially in hospitals and diagnostic centres — this is our third PE transaction in this segment in the past few months, and each one of them has thrown up interesting issues as well as some, in particular, regulatory concerns that we've had to address”.
Vaatsalya , a low-cost hospital chain, which has hospitals across Andhra Pradesh and Karnataka will use the funds to create a pan-India network of hospitals.
According to VCCircle, this is the third time Seedfund has invested in the healthcare company. In the first round of funding, Seedfund and Aavishkaar India Micro Venture Capital Fund (a fund managed by Aavishkaar Venture Management Services) had jointly invested $1.5 million in Vaatsalya. During the Series B funding, Seedfund and Oasis Fund pumped in another $4.5 million.
Source: Brand Bench