New Delhi, Oct. 6 -- Regency Hospital Ltd, a Norwest Venture Partners-backed tertiary healthcare provider in Uttar Pradesh, has secured Rs 110 crore ($11.4 million) in financing from BlackSoil Capital to fund its expansion and invest in new healthcare infrastructure.

The Kanpur-headquartered company, which operates hospitals and healthcare facilities across Kanpur, Lucknow and Gorakhpur, raised the capital from BlackSoil's alternative credit platform.

"The Rs 110 crore financing from BlackSoil will support our investments in new healthcare infrastructure and enable us to build further capacity in markets where the demand for specialised care continues to grow," said Abhishek Kapoor, CEO of Regency Hospital.

Founded in 1987, Regency operates multispecialty hospitals, offering services across oncology, nephrology, gastroenterology, cardiology, critical care and other specialities.

In May, Kapoor told VCCircle that Regency was expanding its presence in Uttar Pradesh by increasing the number of beds at its hospitals and setting up new facilities. The company expects to have 2,500 beds by 2028 and around 3,500 beds by 2029-30.

Speaking about the latest financing, BlackSoil's MD Ankur Bansal said, "Its (Regency) presence across tier II markets and depth in specialised care make it a good fit for our healthcare credit strategy. We see meaningful opportunities to finance established healthcare businesses as they invest in new capacity and infrastructure."

BlackSoil said it expects to continue building its healthcare lending portfolio, focussing on established operators expanding their presence across tier II and III markets.

BlackSoil's alternative credit platform comprises an RBI-registered systemically important NBFC and a SEBI-registered AIF. It has assets under management (AUM) of $275 million and is backed by global development finance institutions (DFIs) and institutional investors, including FMO, Gray Matters Capital and Triodos Investment Management, as well as the family offices of Allcargo Logistics, Navneet Education, and Mahavir Agency.

Published by HT Digital Content Services with permission from VC Circle.