New Delhi, April 24 -- Premji Invest, the investment firm of billionaire Azim Premji, has invested in Maharashtra-based hospital chain, NewEra Hospitals Pvt Ltd, which is looking to scale its presence in the state.
The investment firm committed an undisclosed amount to Nagpur-based NewEra Hospitals in its maiden institutional raise through its growth-stage investment vehicle, PI Opportunities Fund I Scheme II, according to law firms advising on the transaction.
DSK Legal advised NewEra Hospitals, while Touchstone Partners advised Premji Invest.
Founded in 2008 by doctors Anand Sancheti, Nilesh Agrawal and Nidheesh Mishra, NewEra Hospitals is a multispecialty healthcare provider offering services across neurospinal surgery, cardiology, cardiothoracic surgery, gynaecology, physiotherapy, and diabetology, among others. According to its website, it runs two hospitals in Nagpur, one of which specializes in mother and childcare, and a third hospital in Navi Mumbai.
NewEra plans to deepen its presence in Maharashtra by launching three new hospitals in Nagpur and expanding bed capacity from 350 to 800, as per media reports. It also aims to deepen access to quaternary care in the region.
For the financial year ended March 2025, the company posted revenue of Rs 27.5 crore and a net profit of Rs 6.1 crore, according to VCCEdge, the data and research platform of VCCircle. The company had reported no revenue in the previous year.
This marks Premji Invest's second investment in India's hospital space. It had previously backed IPO-bound Manipal Hospitals. Other companies in its India healthcare portfolio include omnichannel pharmacy chain Medplus and medical consumables maker TI Medical.
Published by HT Digital Content Services with permission from VC Circle.