[the_ad id="83613"]
Ayu Health

Hospital chain Ayu Health bags $21.4 Mn at valuation of $80 Mn

Ayu Health

Two year old hospital chain Ayu Health has raised Rs 161 crore or $21.4 Mn in a Series B round led by Fundamentum Partnership and existing backers. The fresh round has come for the Chandigarh-based firm after eight months.

Ayu Health has passed a resolution to approve 10 equity and 65,029 series B Compulsorily Convertible Preference Shares at an issue price of Rs 24,708 per share to raise 160.7 core, regulatory filings show. 

Fundamentum spearheaded the round with Rs 76.2 crore whereas existing investor Vertex, Stellaris and 57 Stars Meditech Holdings have infused Rs 37 crore, Rs 20.8 crore and Rs 15.2 crore respectively.

With this, the company has raised close to $28 million in total funding.

Founded by Himesh Joshi, Arjit Gupta and Karan Gupta, Ayu Health is a chain of hospitals operating in Chandigarh’s tri-city area (Chandigarh, Mohali and Panchkula) and Bengaluru. The trio previously founded used goods marketplace Zefo, which was acquired by Quikr in 2019. According to Ayu’s website, it has over 40 hospitals across two cities and has served over 100,000 patients.

Following the Series B round, Stellaris has emerged as the largest stakeholder in the firm with 20.68%. Vertex holds 17.91% while Fundamentum and 57 Stars Meditech own 12.33% and 2.47% respectively.

Fundamentum holds 12.33% while Vertex Ventures, Stellaris Ventures, 57 Stars Meditech Holdings will hold 17.91%, 20.68% and 2.47% respectively. According to Fintrackr estimates, Ayu Health has been valued at around Rs 600 crore or $80 million (post-money).

Ayu Health had remained a pre revenue making company in the fiscal year ending March 2020 and its income stood at Rs 63 lakh in FY21. Meanwhile, its losses surged around 428% to Rs 7.5 crore in FY20 from Rs 1.42 crore in FY20. Apart from established hospital chains, Ayu Health also competes with individual hospitals in Chandigarh and Bengaluru.

Entrackr is a new age media platform for entrepreneurs, startups and technology enthusiast Read More >

©️ All rights reserved Bareback Media Pvt. Ltd.

Send Suggestions or Tips