Novo deepens healthcare bets with larger India deals

The Denmark-based investor is scaling up from $20-30 mn deals to $40-100 mn investments

- Priyamvada C

India accounts for about half of Novo's 18 Asia investments, making it a key growth market outside its home base.

(DRAZEN)

Novo Holdings, which has backed firms, including Surya Hospitals and Manipal Hospitals, is writing larger cheques and shifting towards more mature healthcare assets in India.

"Of the 18 firms we have invested in Asia, about half have been deployed in India. Our ticket sizes have gradually risen. Initially, we did smaller cheques of $20-30 million, which has expanded to $40-100 million. Although we continue to do minority investments, we place more focus on mature and more developed assets," Amit Kakar, managing partner and head of Novo Holdings Asia, said. The Denmark-based company, which began investing in India in 2022, has steadily increased both cheque sizes and follow-on commitments as it expands its exposure to healthcare services and related sectors.