Ujala Cygnus Entered into Partnership with General Atlantic The partnership aims to support Amar Ujala-backed Ujala Cygnus in boosting access to healthcare in Tier-II and Tier-III cities in Northern India.
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Ujala Cygnus, a healthcare provider in Northern India with a network of 21 hospitals serving Tier-II and Tier-III cities, announced that it has entered into a partnership with General Atlantic.
As part of the agreement, General Atlantic will acquire a significant majority stake in Ujala Cygnus. The company's early investors, Eight Roads Ventures, Somerset Indus Capital, and Evolvence Capital, made a full exit, reaffirming the company's growth and track record of creating value for shareholders and investors.
The raised amount will be used to upgrade clinical and civil infrastructure across the Ujala Cygnus network and to augment comprehensive care capabilities across key specialties in each of the markets it serves. Additionally, it also aims to ensure improved healthcare access in underserved regions and to support healthcare professionals seeking to serve closer to their roots through the expansion of its network across Northern India.
Probal Ghosal, Chairman and Director at Ujala Cygnus, said, "Since 2018, Ujala Cygnus has expanded its hospital network from nine to 21 facilities across 17 cities in five states, increasing bed capacity from 1,000 to over 2,500 beds. With a commitment to further extend its impact in underserved markets, Ujala Cygnus aims to pursue both organic and inorganic growth strategies, including collaborations with local hospitals through leasing and revenue-sharing models."
Founded in 2011, Cygnus offers services across more than 30 verticals, such as nephrology, oncology, urology, gastroenterology, orthopaedics, and reconstructive surgery.
The hospital chain claims to have a network of 20 hospitals across 16 cities in the underserved tier II/III cities of Haryana, Uttar Pradesh, Uttarakhand, Jammu & Kashmir, and Delhi, under the guidance of over 300 doctors and medical experts.
Shuchin Bajaj, Founder Director of Ujala Cygnus, added, "We've witnessed numerous doctors relocating from metropolitan areas to places like Agra, Varanasi, and Jammu, drawn by the prospect of delivering quality care and achieving positive outcomes in communities close to their roots. With General Atlantic's support, we look forward to the expansion of our platform and welcome more healthcare practitioners to join this transformative movement and the Ujala Cygnus mission."
In addition to the investment from General Atlantic, Ujala Cygnus recently secured term loan facilities from the Asian Development Bank, signifying further commitment and validation of its model from global development agencies.
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, stated, "We are impressed by Ujala Cygnus' commitment to value-based, inclusive healthcare and commend the significant strides the company has achieved. In partnership with Dr.Shuchin Bajaj, Dr. Dinesh Batra, Mr. Probal Ghosal, Mr. Prateek Ghosal, and the Amar Ujala Group, we hope to build Ujala Cygnus into the leading platform for affordable healthcare in Northern India."
