Danish healthcare and life sciences investor Novo Holdings has acquired a “significant minority stake” in India’s Surya Hospitals, for an undisclosed amount, according to an announcement on Tuesday (Jan. 20).
The investment is expected to support the Mumbai-based maternal health and paediatric hospital chain’s next phase of growth, including the expansion of its footprint across Western India, continued buildup of clinical infrastructure, and the strengthening of its specialist medical teams.
Following the investment, Amit Kakar, Managing Partner and Head of Asia at Novo Holdings and Navjeewan Khosla, Partner at Novo Holdings Asia, will join the board of directors at Surya Hospitals, and Hulbert Soh, Principal at Novo Holdings Asia, will join as board observer.
Novo Holdings is the controlling shareholder of the Danish drugmaker Novo Nordisk and manages assets for the Novo Nordisk Foundation. Its largest Asian investment to date has been a minority stake in India’s Manipal Hospitals in 2024. Its other investments in Asia include Doctor Anywhere, Esco, Halodoc, Hummingbird, LePure, MedGenome, Qure.ai and Sangon Biotech.
“India is a long-term strategic healthcare market for Novo Holdings, supported by strong demographic fundamentals and increasing demand for specialised, high-acuity care. Structural trends such as urbanisation and rising maternal age are reshaping healthcare delivery, and we believe platforms like Surya Hospitals, with deep clinical expertise and a focused care model, are well-positioned to meet these evolving needs at scale,” said Khosla.
Founded in 1984, Surya Hospitals is a leading women’s, neonatal, and paediatric care platform, operating superspecialty hospitals across the Western Indian cities of Mumbai, Pune, and Jaipur. Building on its maternal health foundation, the Group delivers advanced care across complex gynaecology, neonatology, paediatrics, and surgical super-specialities.
“Specialised healthcare delivery is a key focus for Novo Holdings in India, particularly in areas where clinical quality and outcomes are paramount. Surya Hospitals has built an exceptional reputation over decades for excellence in women’s and children’s care, underpinned by outstanding doctors and strong clinical outcomes,” said Kakar.
India’s healthcare sector has remained in sharp focus, with strong investor interest across hospitals, diagnostics, healthtech, and medical devices, driven by rising domestic demand, rapid digital adoption, and resilience amid global uncertainty.
In 2025, investors became more selective, favouring scalable businesses with proven models and strong local demand. Looking ahead, innovation and specialised care are expected to sustain investment momentum.
Major healthcare deals in India last year included Access Healthcare, which raised $1.4 billion from US growth-focused firm New Mountain Capital, signalling continued appetite for platforms digitising hospital operations; and AGS Health, which was acquired by Blackstone for $1.3 billion, highlighting investor interest in scale plays within healthcare outsourcing.
