LGT Lightstone Aspada, a patient capital and early-stage investor, announced it will be investing about Rs 54 crore in healthcare supply chain platform Akna Medical. This is LGT Lightstone Aspada’s sixth deal in the past two months.
Akna Medical will use the funds to scale up operations across the country and to deepen the technology and analytics offerings to hospitals and other healthcare institutions. The company has plans to deploy over $20 million over the next two years.
“The healthcare value chain in India is primed for intervention through systemic changes and technological innovation…Our strategy is to back high-growth platforms like Akna Medical, which have the ability to leverage technology, transform supply chains and support delivery of healthcare outcomes at scale,” said Kartik Srivatsa, managing partner of LGT Lightstone Aspada.
Founded in 2018, Akna Medical, through its analytics tool SmartBuy, provides category-specific and full procurement solutions across surgical and pharmaceutical products to leading hospital chains such as Max Healthcare, Fortis, Medanta and Cloudnine, as well as to smaller hospitals across the country. The company partners with leading manufacturers and pharmaceutical companies, including Pfizer, Sanofi, Braun and Bharat Serums and Vaccines.
“We are always looking at selectively investing, and this is what we have worked on the last couple of years… We want to maintain a certain cadence on how we want to invest, and will potentially look at lot more consolidation, but if there are interesting opportunities that emerge, over this year, we will pursue them,” Srivatsa told a media company.
Recently, LGT Lightstone Aspada invested $7 million in SmartCoin, a Bengaluru-based micro-lending startup in a fresh financing round.
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