Acumen Fund invests Rs 4.5 cr in AyurVAID

Written by Corporate Bureau | Kochi, Jun 12 | Updated: Jun 13 2008, 05:37am hrs
Kochi-based Kerala First Health Services Pvt. Ltd, which runs the AyurVAID Hospitals, announced the infusion of equity investment of Rs. 4.5 crore by Acumen Fund, USA, a non-profit venture philanthropy fund that invests in social enterprises in South Asia and Africa. The two-year-old company has two hospitals, one in Kochi and another in Aluva that provides a mix of ayurvedic and modern allopathy treatment to provide relief to chronic ailments, ranging from diabetes to arthritis.

AyurVAID plans to leverage the Acumen investment to expand its footprint and pioneer the development of a low-cost health care delivery system that focuses on preventive and curative care, Rajiv Vasudevan, Founder & CEO of AyurVAID said. Acumens initial equity investment will enable AyurVAID to open six more hospitals across the country in the next 12 months. AyurVAID has set itself the goal of 60% of its bed capacity for patients from the middle and lower socio-economic classes, he added.

Over the next 4 years, AyurVAID intends to set up a minimum of 40 hospitals with in-patient facilities. Outpatient treatment points and consultation points in a hub & spoke model to enable countrywide access to medical care for chronic illnesses will supplement these, company sources said.