Swas Healthcare will deploy the money to set up city clinics across Gujarat.
Aavishkaar India Micro Venture Capital Fund (Aavishkaar) has invested Rs 2 crore in Swas Healthcare. Swas Healthcare is a Gujarat based venture engaged in setting up a chain of naturopathy clinics and hospitals across the state. It currently runs a hospital in Kutch, Gujarat and a clinic in Rajkot, and will deploy the money to set up city clinics across Gujarat.
Sanjay Singh, Director, Swas Healthcare stated that the fund will help the company to offer effective and low cost healthcare solutions to a much larger population in the state.
Aavishkaar is a Mumbai based venture capital fund focused on rural and semi-urban India. The investment in Swas Healthcare is its second investment in healthcare segment after its first investment in Vaatsalya in 2008.
Aavishkaar has been investing aggressively over the last few months. The fund, which had target of raising $15 million, made its final close at $14 million in June this year. Earlier in August 2009, it invested in Pune based sanitation solutions provider for a 21% stake in the company. It targets investments with a size ranging from Rs 10 lakh to Rs 2 crore in areas including renewable energy, dairy, healthcare, agri-implements, besides other small and medium sectors.