India-based hospital chain Medway Hospitals has raised $5m in its first round of institutional equity funding that was led by Kyra Ventures, reported Business Standard. 

The round had seen participation from family offices.  

This funding injection is expected to support Medway Hospitals in providing comprehensive tertiary care services and enable it to expand its healthcare facilities. 

The advisory role in the transaction was filled by Nova Capital Advisors. 

Medway Group of Hospitals chairman T Palaniappan was quoted by the news agency as saying: “Our focus has always been providing quality healthcare in Tier-II cities and having centres of excellence in key cities.  

“This investment will help us accelerate our expansion plans and reach 1,000 beds by 2026.  

“Our hospitals have proficiency in managing and treating a wide spectrum of complex medical conditions.” 

Medway Hospitals operates eight hospitals in the Indian states of Tamil Nadu and Andhra Pradesh. 

The chain focuses on providing critical care, orthopaedics, neurology, nephrology, neurosurgery, organ transplantation, pulmonology, and urology, among other services, with a specialised unit for cardiovascular diseases (CVD).  

The chain currently operates approximately 500 beds across its locations, with each unit having 50 to 100 beds. 

In 2021, Medway Hospitals established an advanced heart institute in Chennai. 

It has conducted more than 1,000 heart surgeries and 3,000 cath lab procedures in two years, reported Moneycontrol. 

In addition to cardiac services, Medway initiated an organ transplant programme in 2021 and has completed over 150 renal transplants to date. 

Kira Ventures is an advisory, development, and asset management company.