360 ONE Asset, a wholly-owned subsidiary of 360 ONE WAM, has completed an investment of Rs 170.60 crore (roughly $19.8 million) in Paras Healthcare, a multispecialty hospital chain in north India.
The transaction includes both primary capital infusion and a secondary component, including a partial exit by an existing investor, per a statement.
Founded by Dr Dharminder Nagar, an Indian entrepreneur with deep expertise in healthcare delivery, Paras Healthcare operates more than 2,000 beds across eight hospitals in tier 1 and tier 2 cities primarily in the northern part of India.
Since its inception in 2006, the group has built a reputation of offering accessible medical care with an emphasis on affordability. While it began with a 250-bed multi-specialty hospital in its headquarters—Gurugram, it has built a significant presence in cities such as Patna, Darbhanga, Panchkula, Ranchi, and Udaipur.
Paras Healthcare has been preparing to go public for quite some time—the company filed its Draft Red Herring Prospectus (DRHP) with the Indian capital markets regulator SEBI on July 31, 2024, and received approval on October 18, 2024.
It is backed by Malaysia PE investor Creador–the investment firm picked over 20% stake in the hospital chain for $42 million in 2017.
Earlier Paras Healthcare has also spoken to TA Associates for funding.
PE investors are increasingly evincing interest in healthcare chains, hoping to make a bounty in the years to come. Among other deals, global PE giant KKR committed $600 million in structured credit financing to Manipal Education and Medical Group (MEMG) earlier this week.
360 ONE Asset, a backer of Indian unicorns such as Swiggy and PharmEasy, has an AUM of about $10 billion across asset classes, of which its VC and PE platform alone comprises more than $3 billion.
The firm makes equity investments across a gamut of sectors such as financial services, technology, and consumer industries, besides healthcare.
