• Ujala Cygnus, a leading healthcare provider in Northern India with a network of 21 hospitals, across tier II and tier III citiesentered into a partnership with General Atlantic, a leading global growth investor with an aim to further amplify its reach and advance its vision of providing affordable healthcare services.
  • The company’s early investors, Eight Roads Ventures, Somerset Indus Capital, and Evolvence Capital, made a full exit with the deal, reaffirming the company’s growth and track record of creating value for shareholders and investors.
  • As reported by ET, General Atlantic acquired 70% stake in Ujala Cygnus Healthcare Services, valuing the hospital chain at an EV of Rs. 1600 Crores .

About Ujala Cygnus:

  • The hospital chain was founded in 2011.Ujala Cygnus was formed in November 2019 as a result of merger of Ujala Healthcare and Cygnus Medicare.
  • It operates in Northern pan India with multi-super speciality NABH accredited hospitals and has a team of over 300 highly qualified doctors.
  • Since 2018, it expanded its hospital network from nine to 21 facilities across 17 cities in five states namely Haryana, Uttar Pradesh, Uttarakhand, Jammu & Kashmir and Delhi increasing its bed capacity from 1,000 to over 2,500 beds.

About General Atlantic PE Firm:

  • General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history.
  • Established in 1980 to partner with visionary entrepreneurs, management teams and deliver lasting impact, the firm combines a collaborative global approach to scale innovative businesses around the world.
  • Its investments in India in the healthcare sector include Rubicon Research, ASG Eyecare and the Hyderabad-based KIMS Hospitals.



  • The funds from General Atlantic will be used to upgrade clinical and civil infrastructure across the Ujala Cygnus’ network and to augment comprehensive care capabilities across key specialties in each of the markets it serves.
  • Additionally, the investment will facilitate the expansion of Ujala Cygnus’ network to deliver on its mission to ensure improved healthcare access in underserved regions and to support healthcare professionals seeking to serve closer to their roots across Northern India.
  • It also aims to pursue both organic and inorganic growth strategies, including collaborations with local hospitals through leasing and revenue-sharing models.
  • General Atlantic will play an active role in supporting the Company with its expansion plans, leveraging its value- add capabilities and expertise in thoughtfully scaling healthcare platforms.
  • Earlier in January, Asian Development Bank (ADB) has also signed a deal to provide 1.5 billion Indian rupees (equivalent to $18.4 million) in debt financing to Cygnus Medicare Private Limited. This financial support aims to facilitate the expansion of affordable and high-quality healthcare services in northern India.
  • India’s under-tapped hospital sector has attracted substantial investments from global PE funds. Notably, Blackstone Canada’s Ontario Teachers’ Pension Plan Board(OTPP), Asia-focused Baring PE Asia, and Singapore government-owned Temasek, are having significant stakes in leading Indian healthcare chains.
  • The Indian healthcare segment has shown a robust compounded annual growth rate (CAGR) of around 22 percent since 2016.  However, it further necessitate an investment of approximately $245 billion over the next 20 years. The report underscores the need to add 3.6 million beds, 3 million doctors, and 6 million nurses to meet the growing healthcare demands in the country as stated in recent PwC report.


RBI Bulletin (, SEBI (, NSE (, BSE (


This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.

This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.