Aavishkaar India Micro Venture Capital Fund Invests in hospital group G.V. Meditech Pvt Ltd

Mumbai, April 23, 2010
Aavishkaar India Micro Venture Capital Fund (“AIMVCF”), an equity fund dedicated to providing risk capital for scaleable rural and social focused enterprises, has recently concluded its equity investment in G.V Meditech Pvt Ltd for a significant minority stake.

G.V. Meditech, headquartered in Delhi but with primary operations in Varanasi, provides high quality and affordable healthcare to patients in Uttar Pradesh and the surrounding areas. The company has been operating successfully for many years in the region and is highly regarded as a provider of quality medical services. The founder and CEO, Dr. Indu Singh, is a well respected gynecologist specializing in IVF & Infertility treatment and has won numerous awards including The Woman Entrepreneur Award and the Jagran Gems Award.
The company will use the funds from Aavishkaar to launch their expansion outside Varanasi to reach semi-urban and rural populations. The company aims to provide quality medical, diagnostic and pharmacy facilities to patients who must otherwise travel long distances to avail of these services, or go without. G.V. Meditech aims to open several such secondary hospitals within the next year as well as to expand facilities at their primary hospital. In the medium and long term G.V Meditech will launch many more of these hospitals, providing medical services to the rural population throughout U.P. and beyond.
“Aavishkaar is proud to partner with G.V Meditech on account of its experienced and passionate management team and the focus on providing affordable and high-quality healthcare in the highly under-served Northern belt of country. This partnership marks our 3rd investment in the affordable healthcare space within India” said P Pradeep, Partner, AIMVCF
Dr. Indu Singh, Founder & CEO of G.V. Meditech commented "With the support of Avishkar we will move forward in our mission to reach the poor and to provide quality healthcare at their doorstep".
The Investment Banking Group of Intellecap, lead by Anurag Agrawal, advised on the transaction.
About Aavishkaar India Micro Venture Capital Fund
Aavishkaar India Micro Venture Capital Fund is an equity fund dedicated to providing commerical risk capital for scaleable rural and social focused enterprises. The fund has a strong record of investing in commercially viable enterprises that also have a social impact and its investments span a wide number of sectors such as Technology for Development, Agriculture, Rural Innovations, Handicrafts, Health and Education. The fund currently has two other investments in the healthcare space including Vaatsalya Healthcare, a chain of semi-urban hospitals in Karnataka and Swas Healthcare, India’s first chain of Naturopathy hospitals and clinics.
For more information, please visit www.aavvishkaar.org
Contact: Aavishkaar (in Mumbai, Chennai and Kolkata);
Phone: +91 22 42005757
E-mail: info@aavishkaar.org


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