TPG Growth Invests $33 Million In Rhea Healthcare

TPG Growth, the $7 billion growth equity investment arm of TPG, on Tuesday announced a $33 million investment for a "significant" majority stake in Bengaluru-based Rhea Healthcare which operates a network of mother and child care centres in India under the "Motherhood" brand.

"This latest investment reinforces our sector focus on healthcare in India and globally," said Puneet Bhatia, managing director and country head for TPG in India. "Through TPG's Growth, Capital, Asia, and Biotech platforms, the firm has invested more than $10 billion in healthcare companies around the world."

Currently, quality centres offering specialised birth and neonatal care are limited in India but are increasingly gaining demand with the rising Indian middle class where mothers are seeking out exclusive care centres that offer a combination of clinical expertise and personalised attention, TPG Growth said in a release.

TPG Growth's investment in Rhea Healthcare is the latest in a series of healthcare investments the fund has made in India and the region. In April, TPG Growth invested in Cancer Treatment Services International (CTSI), a network of single-specialty facilities across India and in December last year, it invested in Asiri Healthcare, Sri Lanka's leading hospital and diagnostics chain.

In 2013, TPG Growth invested in Sutures India which helped the company grow from a single-product domestic manufacturer to a global medical consumables platform that exports to more than 90 countries.

Including Rhea Healthcare, TPG Growth's investments in healthcare companies across India and Sri Lanka now total nearly $250 million.