CHENNAI: Chennai-based Medway Hospitals has successfully secured its first round of institutional equity funding amounting to $5 million. The funding round was led by Kyra Ventures, with participation from family offices. Medway Hospitals is a fast-growing chain of multi-specialty hospitals currently operating eight hospitals in Tamil Nadu and Seemandhra. Its tertiary care services include critical care, orthopedics, neurology, nephrology, neurosurgery, organ transplantation, pulmonology, urology, and more, with a dedicated unit specializing in treating cardiovascular diseases (CVD). The chain currently has around 500 beds across all locations, with each unit having around 50-100 beds.
In 2021, Medway Hospitals set up a state-of-the-art Heart Institute in Chennai, which is the only standalone heart institute to receive both JCI and NABH accreditation in South India. The Medway Heart Institute has successfully performed over 1,000 heart surgeries and 3,000 Cath Lab Procedures within a short span of two years. Medway commenced its organ transplant program in 2021 and has successfully performed over 150 renal transplants to date.
On the fundraising announcement, Dr. T Palaniappan, Chairman of Medway Group of Hospitals, stated, “Our focus has always been providing quality healthcare in Tier 2 cities and having centers of excellence in key cities. This investment will help us accelerate our expansion plans and reach 1,000 beds by 2026. Our hospitals have proficiency in managing and treating a wide spectrum of complex medical conditions.“
Additionally, Dr. Palaniappan stated, “Less than a month ago, we launched our Institute for Pulmonology & Pulmonary Rehabilitation to cater to the increased respiratory illnesses in children and the elderly.”
Hari Prasad, Partner at Kyra Ventures, stated, “We are excited to partner with Medway Hospitals on their mission to elevate healthcare standards in India. The promoters are committed to closing the healthcare gap in underserved areas by creating access to affordable, patient-centric clinical excellence.“
Nova Capital Advisors acted as advisors to the transaction.
Medway Hospitals is a leading multispecialty hospital chain offering treatment and care for patients from all walks of life. Started with two specialties, it has now expanded to eight units across Tamil Nadu and Seemandhra, providing care across all disciplines. The hospital chain has received various awards and accolades, such as India’s Most Trust Brand by IBC InfoMedia, India’s Most Trusted Cardiac Hospital Brand 2023 by IBLA 2023 Awards, Bengaluru, and Best Cardiology Hospital in Chennai by TOI Group. Medway Heart Institute has NABH and JCI accreditations. For more information, visit https://medwayhospitals.com/.