Cygnus Medicare Private Limited, which operates the hospital chain Ujala Cygnus Private Limited, is reportedly in talks with a bunch of investors like Proparco SA, Mo Alternate Investment Advisors and Paragon Partners to raise Rs 150-200 crore at a valuation of Rs 1000 crore to provide exits to some of existing investors.
However, in an interview with Mint, a spokesperson from the company denied all possibilities of the potential exits and coined the development as speculation.
The company is backed by Eight Roads Ventures India, Evolvence India Fund and Somerset Indus Health Fund.
It still needs to be disclosed which of these investors are seeking exits from the company.
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A person aware of the development told Mint that it recently appointed the investment banking arm of EY to seek potential investors.
In 2019, Amar Ujala, a Noida-based company, acquired a majority stake in the company, which led Eight Roads Ventures and Somerset Indus to make partial exits.
Founded in 2011, Cygnus runs 18 hospitals in 15 tier II and tier III cities in Haryana, Uttar Pradesh, Uttarakhand, Jammu and Kashmir and Delhi. The chain of hospitals offers services across oncology, urology, gastroenterology, orthopaedics, nephrology, reconstructive surgery, and others. It also claims to have a network of 300 doctors and medical experts and it has treated more than one million patients.
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