Medway hospitals: Chennai-based hospital chain Medway raises $5 million from Kyra Ventures

Chennai-based Medway Hospitals on Thursday said it has raised $5 million from Kyra Ventures in the first round of fund raise.

The round also saw participation from family offices.

Medway is a multi-speciality hospital chain operating 8 hospitals in Tamil Nadu and Andhra Pradesh. The chain currently has around 500 beds across all locations, with each unit having around 50-100 beds.

“Our focus has always been providing quality healthcare in tier 2 cities and have centres of excellence in key cities,” said Dr T. Palaniappan, chairman of Medway Group

“This investment will help us accelerate our expansion plans and reach 1000 beds by 2026,” Palaniappan added.

“The promoters (of Medway) are committed to closing the healthcare gap in underserved areas by creating access to affordable, patient centric clinical excellence,” said Hari Prasad, partner, Kyra Ventures. Nova Capital Advisors acted as advisors to the transaction.

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