New Delhi, July 29 -- Tulips Healthcare Ltd, which operates under the IRIS Chain of Hospitals brand in Gujarat, is expanding its presence in the state's central region through the acquisition of a local hospital, VCCircle has gathered.
The company, which operates two multispecialty hospitals in Anand, has acquired Dr Jayant Shah Hospital, marking IRIS's entry into Nadiad and the broader Central Gujarat region, according to a social media post. The financial terms of the transaction were not disclosed.
The deal comes roughly two weeks after Tulips Healthcare secured growth capital from a select group of investors through a private market fundraise to support its plans for capital expenditure, network expansion via acquisitions, and operations and maintenance (O&M) and partnerships. While the transaction terms weren't revealed, it is understood that a private equity firm participated in the fundraise.
Established more than 50 years ago, Dr Jayant Shah Hospital operates a single facility in Nadiad, according to disclosures by mid-market investment bank Evernile Capital, which acted as the exclusive financial advisor to IRIS Chain of Hospitals on both the fundraise and the acquisition.
The hospital describes itself as a surgical hospital with all modern amenities.
Tulips is also introducing advanced specialty care and expanding its multi-specialty platform in Anand and the wider Gujarat region.
The company's latest financials were not immediately available. According to PrivateCircle data, it generated a standalone revenue of Rs 41.3 crore and a net profit of around Rs 4 crore in FY24.
Published by HT Digital Content Services with permission from VC Circle.