Aster DM Healthcare Acquisition, Valuation, Funding & Investors

Aster DM Healthcare was acquired by Fajr Capital, Emirates Investment Authority, Al Dhow Holding, Hana Investment and Wafra International Investment for $1B in April 2024.

Aster DM Healthcare acquisition price

$1B

Acquired by Fajr Capital, Emirates Investment Authority +3 · Apr 2024

Aster DM Healthcare revenue

$490M

Undisclosed stage · May 2014

Cumulative funding Aster DM Healthcare raised

$106M

across 2 funding rounds

Key investors in Aster DM Healthcare

  • True North
  • Olympus Capital Holdings Asia
  • HDFC Holdings
  • Tata AIA Life Insurance Company

Aster DM Healthcare Overview

About Aster DM Healthcare

Aster GCC is the private Gulf healthcare group separated from the former combined Aster DM Healthcare India-and-GCC business in April 2024. The group traces its origins to a single Dubai clinic established by Dr. Azad Moopen in 1987. At transaction completion, its network comprised 15 hospitals, 117 clinics and 285 pharmacies across the United Arab Emirates, Saudi Arabia, Oman, Qatar and Bahrain. It provides primary, secondary, tertiary and quaternary clinical care and sells pharmacy products under the Aster, Medcare and Access brands. Revenue comes principally from patient services and retail pharmacy sales to consumers, insurers and corporate customers. The Moopen family retained a 35% stake and continued to hold management and operational rights after the separation. The Fajr Capital-led consortium acquired the other 65%, creating a standalone GCC platform intended to expand especially in Saudi Arabia and across physical and digital healthcare channels.


Founded

1987

HQ

UAEDubai

Status

Acquired

Customer focus

B2C

Revenue model

Services

Revenue

$490M (May 2014)

Valuation

$1.2B (May 2014)

Aster DM Healthcare Acquisition

Aster DM Healthcare was acquired by Fajr Capital, Emirates Investment Authority, Al Dhow Holding, Hana Investment and Wafra International Investment for $1B on 3 April 2024.

Before the acquisition Aster DM Healthcare had raised $106M across 2 funding rounds.

A Fajr Capital-led consortium completed the acquisition of 65% of Aster GCC on 3 April 2024, concluding the separation of Aster DM Healthcare's Gulf and India businesses. The consortium comprised Fajr Capital, Emirates Investment Authority, Al Dhow Holding Company, Hana Investment Company, Wafra International Investment Company and other regional and international investors. The Moopen family retained 35%, management rights and operational control, so the transaction transferred majority financial ownership without displacing the founding family's leadership. Fajr stated that the transaction valued the GCC business at an equity value of approximately USD 1.0 billion; that published valuation is the structured amount. Aster's completion announcement separately said the selling Affinity Holdings received USD 907.6 million in cash, but the filing does not allocate that consideration among consortium members and it is not recorded as capital raised. The acquired platform operated 15 hospitals, 117 clinics and 285 pharmacies across five Gulf markets under the Aster, Medcare and Access brands. The investors and management planned expansion across physical and digital channels, with particular emphasis on Saudi Arabia.

Aster DM Healthcare acquisition details
AcquirerDateTypePrice
  • Fajr Capital
  • Emirates Investment Authority
  • Al Dhow Holding
  • Hana Investment
  • Wafra International Investment
3 Apr 2024PE buyout$1B

Sources: fajrcapital.com, asterdmhealthcare.com

Aster DM Healthcare Valuation

Aster DM Healthcare is currently valued at $1.2B, based on its undisclosed-stage round in May 2014. Read the announcement ↗

The $60M round was led by Olympus Capital Holdings Asia, with participation from True North.

Aster DM Healthcare valuation by funding round

Aster DM Healthcare valuation by funding round
DateStageValuationRevenue Multiple
May 2014Undisclosed stage$1.2B2.5x

Aster DM Healthcare Revenue

Aster DM Healthcare's latest recorded revenue is $490M, as of its undisclosed-stage round in May 2014. At a $1.2B valuation, that implies a 2.5x revenue multiple.

Aster DM Healthcare revenue by funding round

Aster DM Healthcare revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2014$490M$1.2B2.5xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Aster DM Healthcare Funding History

Aster DM Healthcare has raised a total of $106M across 2 funding rounds, plus 1 secondary share sale.

Aster DM Healthcare's first fundraising round was a $60M undisclosed-stage round in May 2014. The most recent completed round was a $46M undisclosed-stage round in February 2018.

Aster DM Healthcare funding rounds

Aster DM Healthcare funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2019SecondaryTata AIA Life Insurance Company; HDFC Holdings$65M-True North Fund III A sold a 7.39 percent stake in Aster DM Healthcare on 26 June 2019 in a block trade on the National Stock Exchange. About 3.73 crore shares changed hands at Rs 120.03 each, a total of about Rs 448 crore. Buyers included HDFC Mutual Fund, Tata AIA Life Insurance, Fidelity Management Trust Company and Ontario Pension Board. The sale cut the fund's holding from 8.23 percent at the end of March 2019, and it later disposed of the remainder. True North's third fund had invested in the hospital group in 2014, ahead of its listing in India in 2018. Aster DM Healthcare operates hospitals, clinics and pharmacies in the Gulf and India and was founded by Dr Azad Moopen. The shares fell about 7 percent on the day of the sale.
Feb 2018Undisclosed stage-$46M-Aster DM Healthcare is a comprehensive healthcare service provider operating a network of hospitals, clinics, and retail pharmacies across the Gulf Cooperation Council (GCC) countries and India. The company delivers primary through quaternary medical care across multiple specialties with a diversified geographic and service-line portfolio. For the financial year ended March 31, 2018, Aster DM Healthcare reported consolidated revenue (excluding finance and investment income) of INR 6,760 crore and EBITDA of INR 651 crore. The company operated 19 hospitals, 101 clinics, and 207 pharmacies across 9 countries, employing 17,335 people as of March 31, 2018, with bed capacity increased from 4,651 to 4,762 during the fiscal year. Aster DM Healthcare completed its initial public offering in April 2018, which was the company's primary capital raise event in that period. No separate venture capital funding round with disclosed valuation could be identified for November 2018; the company's capital structure at that time reflected its post-IPO status.
May 2014Undisclosed stageOlympus Capital Holdings Asia (lead); True North$60M$1.2BAster DM Healthcare is a major healthcare services provider operating hospital networks across the Gulf Cooperation Council region and India. The company was founded by entrepreneur Azad Moopen in 1987 and manages the Aster and Medcare brands of hospitals, clinics, and pharmacies in the UAE, Qatar, Oman, Saudi Arabia, Jordan, and Philippines, with expanding operations in India across Kerala, Maharashtra, and other regions. In 2014, the company operated Aster Medcity in Kochi (a 1,000-bed quaternary care complex with first phase of 540 beds operational), Malabar Institute of Medical Sciences in Kerala (around 800 beds), and other tertiary and secondary care facilities. In June 2014, private equity firms Olympus Capital Asia Investments and India Value Fund Advisors (IVFA) co-invested $60 million for a minority stake in Aster DM Healthcare, valuing the company at Rs 7,200 crore. This round represented one of the largest private equity investments in an Indian healthcare business at that time. The investment increased the combined stake of IVFA and Olympus Capital from 37% to 42% in the company. Aster DM Healthcare was generating revenue exceeding Rs 3,000 crore in FY14 with an EBITDA margin of 18%, and projected revenue growth to Rs 4,000 crore in FY15, with the majority of revenue coming from Middle East operations. The company planned to establish three greenfield hospitals in South India and subsequently went public through an IPO in 2017.

Who has invested in Aster DM Healthcare?

4 investors have backed Aster DM Healthcare across its funding rounds, including True North, Olympus Capital Holdings Asia, HDFC Holdings and Tata AIA Life Insurance Company.

Lead investors include Olympus Capital Holdings Asia.


Aster DM Healthcare Investors

Investors in Aster DM Healthcare by funding rounds participated
InvestorHQRoundsRoleFirst check
Tata AIA Life Insurance CompanyIndiaMumbai1ParticipantJun 2019
Olympus Capital Holdings AsiaUnited StatesNew York City, NY1LeadMay 2014

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Acquisitions by Aster DM Healthcare

Aster DM Healthcare has acquired 5 companies to date.

Last acquisition by Aster DM Healthcare was on September 15th 2026. Aster DM Healthcare acquired International Modern Hospital for undisclosed valuation.


Latest Acquisitions by Aster DM Healthcare

International Modern Hospital
Quality Care India
Ramesh Hospitals
Wahat Al Aman Home Healthcare
Description
International Modern Hospital is a private hospital in Dubai, United Arab Emirates. It provides a range of medical departments with doctors across specialties, minimally invasive procedures, preventive healthcare and health check packages. Patients can search for a doctor, book appointments online, check insurance coverage and access international patient care services. The hospital also publishes a health library and news on its website. Revenue comes from fees paid by patients and their insurers for treatment and care.
Quality Care India is a Mumbai-based home healthcare provider delivering nursing, physiotherapy, diagnostics, and doctor consultations across more than 40 cities in India. Established in 2005, the company serves patients through its network of over 3,000 trained professionals, focusing on chronic care management, post-surgical support, and elderly care services. Quality Care India partners with hospitals and clinics to offer integrated medical solutions, including pathology testing and ambulance services, ensuring accessible healthcare in urban and semi-urban areas.
Ramesh Hospitals is a Coimbatore-based multispecialty healthcare network with 1,200 beds across three Tamil Nadu facilities. The group delivers cardiology, cardiac surgery, neurology, oncology, orthopedics, and maternity services using advanced cath labs and robotic systems. Established in 1985, it treats 500,000 patients yearly with NABH accreditation and partnerships for organ transplants.
Wahat Al Aman Home Healthcare is an Abu Dhabi-based provider of person-centered home care services. The company delivers nursing, therapy, and daily living assistance to patients in the UAE through wahatalaman.ae.
HQ CountryUnited Arab EmiratesUnited StatesIndiaUnited Arab Emirates
HQ City
Dubai
India, TX
Vijayawada
Abu Dhabi
Deal Date15 Sep 202629 Nov 202428 Feb 202331 Dec 2019
Valuationundisclosed$5B$40M$29M
EV/Revenue
EV/EBITDA

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Aster DM Healthcare Competitors

Aster DM Healthcare competitors include listed companies like Jupiter Life Line, Mitra Keluarga, Infracore and HealthCare Global Enterprises, and private ones like Shulan Health and Radiant Life Care Private Ltd.

Public and private companies comparable to Aster DM Healthcare
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Jupiter Life LineIndiaIndiaPublicly listed$159M$37M$1B5.8x
Mitra KeluargaIndonesiaIndonesiaPublicly listed$297M$114M$998M2.8x
InfracoreSwitzerlandSwitzerlandPublicly listed$29K-$990M-
HealthCare Global EnterprisesIndiaIndiaPublicly listed$268M$45M$952M3.8x
Shulan HealthChinaHangzhouPrivate--$1.2B-
Radiant Life Care Private LtdIndiaMumbaiPrivate$64M$11M$816M12.8x

Aster DM Healthcare Public Comps

Aster DM Healthcare is no longer listed, but its public comps include Jupiter Life Line, Mitra Keluarga, Infracore, HealthCare Global Enterprises, Thomson Medical, Yatharth Hospital, Al Hammadi Holding, Clinica Baviera, Rhoen Klinikum and Ramsay Santé.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Jupiter Life Line$159M$37M6.4x5.8x27.9x26.5x
Mitra Keluarga$297M$114M3.0x2.8x7.9x7.4x
Infracore$29K-36748.3x---
HealthCare Global Enterprises$268M$45M4.2x3.8x24.7x20.1x
Thomson Medical$328M$53M5.5x5.3x34.4x26.1x
Yatharth Hospital$127M$32M8.4x6.7x33.6x27.3x
Al Hammadi Holding$329M$98M3.0x2.8x10.1x10.8x
Clinica Baviera$338M$95M2.6x2.4x9.2x8.4x

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Common questions about Aster DM Healthcare

When was Aster DM Healthcare founded?Aster DM Healthcare was founded in 1987.
Where is Aster DM Healthcare headquartered?Aster DM Healthcare is headquartered in Dubai, UAE.
Is Aster DM Healthcare publicly listed?No, Aster DM Healthcare was acquired by Fajr Capital, Emirates Investment Authority, Al Dhow Holding and 2 other investors in April 2024.
Who acquired Aster DM Healthcare?Aster DM Healthcare was acquired by Fajr Capital, Emirates Investment Authority, Al Dhow Holding, Hana Investment and Wafra International Investment in April 2024.
How much was Aster DM Healthcare acquired for?Aster DM Healthcare was acquired for $1B in April 2024.
What is Aster DM Healthcare's valuation?Aster DM Healthcare was last valued at $1.2B in its undisclosed-stage round in May 2014.
How much funding has Aster DM Healthcare raised?Aster DM Healthcare has raised $106M across 2 funding rounds.
What was Aster DM Healthcare's last funding round?Aster DM Healthcare's last funding round was a $46M undisclosed-stage round in February 2018.
Who are Aster DM Healthcare's investors?Aster DM Healthcare's investors include Tata AIA Life Insurance Company, Olympus Capital Holdings Asia, True North and HDFC Holdings.
What is Aster DM Healthcare's revenue?Aster DM Healthcare's latest recorded revenue is $490M (May 2014).
What is Aster DM Healthcare's revenue multiple?Aster DM Healthcare's latest valuation implies a 2.5x revenue multiple ($1.2B valuation on $490M of revenue).
Which companies are comparable to Aster DM Healthcare?Companies comparable to Aster DM Healthcare include Jupiter Life Line, Mitra Keluarga, Infracore, HealthCare Global Enterprises, Shulan Health and Radiant Life Care Private Ltd.
How many companies has Aster DM Healthcare acquired?Aster DM Healthcare has acquired 5 companies, including International Modern Hospital, Quality Care India, Ramesh Hospitals, Wahat Al Aman Home Healthcare and Aster Aadhar Hospital.
What was the largest acquisition by Aster DM Healthcare?The $5B acquisition of Quality Care India in November 2024 is the largest acquisition Aster DM Healthcare has made to date.

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