While Swedish healthcare firm Medicover has acquired 22 per cent stake in MaxCure, startup Milkbasket has raised funds from Blume Ventures and Lenovo Capital.
Swedish firm Medicover picks up 22% stake in MaxCure
European healthcare provider Medicover has acquired 22 per cent stake in MaxCure Group of Hospitals by investing Rs 100 crore ($15.6 million).
Nasdaq-listed Medicover plans to invest another Rs 220 crore in the next two years in the Hyderabad-based healthcare firm to take their stake to 51 per cent.
MaxCure Hospitals currently has nine hospitals in Telangana and Andhra Pradesh, and plans to expand its operations to Bengaluru, Pune and Chennai.
“We have invested over $100 million in India over the last seven years, and if good opportunities come we are prepared to commit more money,” said Fredrik Ragmark, CEO, Medicover group.
This is the second investment of Medicover, after it ventured into the Indian healthcare sector last year with the launch of In Vitro Fertilisation (IVF) clinics in Delhi.
Blume Ventures, Lenovo Capital back Milkbasket
The Gugaon-based company plans to use this funding to expand operations in Gurgaon and hire critical manpower in technology, supply chain, and operations departments.
This latest round marks Milkbasket’s third round of funding. In December, it had raised funds from Empower Investment, Hofan Capital and Draphant along with some of its customers. Prior to that in April last year, Milkbasket raised $500,000 in pre-Series A round led by EVC Ventures and Chinese Investors including Peter Zou, CEO of YeahMobi, and Li Jian, founder of Zhu Dao Investments. Snapdeal vice presidents Vikas Banga and Manav Kamboj also invested as well.
EVC and some angel investors, who initially invested in Milkbasket, are reported to have exited in this latest round.