Kerala Institute of Medical Sciences Acquisition, Valuation, Funding & Investors

Kerala Institute of Medical Sciences was acquired by Quality Care India for $396M in October 2023.

Kerala Institute of Medical Sciences acquisition price

$396M

Acquired by Quality Care India · Oct 2023

Kerala Institute of Medical Sciences revenue

$118M

Undisclosed stage · Mar 2017

Cumulative funding Kerala Institute of Medical Sciences raised

$200M

across 1 funding round

Key investors in Kerala Institute of Medical Sciences

  • True North

Kerala Institute of Medical Sciences Overview

About Kerala Institute of Medical Sciences

Kerala Institute of Medical Sciences (KIMS) is the largest corporate hospital chain in the Indian state of Kerala, founded in 2002 by Dr. M.I. Sahadulla. The group operates more than 1,500 beds across six hospitals, including a 650-bed multi-specialty quaternary care facility in Thiruvananthapuram, and employs more than 6,000 healthcare providers, including 600 doctors. KIMS also has a presence in the Middle East, with two hospitals and six medical centers across Saudi Arabia, Qatar, Bahrain, Oman, and Dubai.


Founded

2002

HQ

IndiaThiruvananthapuram

Status

Acquired

Customer focus

B2C

Revenue model

Services

Revenue

$118M (Mar 2017)

Valuation

$396M (acquired Oct 2023)

Kerala Institute of Medical Sciences Acquisition

Kerala Institute of Medical Sciences was acquired by Quality Care India for $396M on 26 October 2023.

Before the acquisition Kerala Institute of Medical Sciences had raised $200M across 1 funding round.

Quality Care India, the Blackstone-owned hospital platform that runs CARE Hospitals, agreed on 26 October 2023 to buy KIMS Health Management, the Kerala hospital group known as KIMSHEALTH, from True North and other shareholders. Quality Care acquired the 55 percent stake held by True North and a 20 percent stake from minority holders, taking about 80 to 85 percent in total. The deal valued the business at about Rs 3,300 crore, or USD 400 million, according to press reports. Founder and promoter Dr M. I. Sahadulla kept 15 to 20 percent and continues to run the hospitals. True North had invested USD 200 million for about 40 percent of the company in 2017. KIMSHEALTH operates four hospitals in Thiruvananthapuram, Kottayam, Kollam and Perinthalmanna with 1,378 beds, and a 300-bed hospital in Nagercoil was due by March 2024. The purchase gave the CARE Hospitals network its first presence in Kerala.

Kerala Institute of Medical Sciences acquisition details
AcquirerDateTypePrice
  • Quality Care India
26 Oct 2023PE buyout$396M

Sources: mnacritique.mergersindia.com, ceoinsightsindia.com

Kerala Institute of Medical Sciences Revenue

Kerala Institute of Medical Sciences' latest recorded revenue is $118M, as of its undisclosed-stage round in March 2017.

Kerala Institute of Medical Sciences revenue by funding round

Kerala Institute of Medical Sciences revenue and valuation multiple by funding round
DateRevenue *Stage
Mar 2017$118MUndisclosed 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.

Kerala Institute of Medical Sciences Funding History

Kerala Institute of Medical Sciences has raised a total of $200M across 1 funding round.

Kerala Institute of Medical Sciences funding rounds

Kerala Institute of Medical Sciences funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2017Undisclosed stageTrue North (lead)$200MKerala Institute of Medical Sciences (KIMS), founded in 2002 by Dr. M.I. Sahadulla, operates as the largest corporate hospital chain in Kerala, India, with over 1,500 beds across six hospitals, including a 650-bed multi-specialty quaternary care facility in Thiruvananthapuram. The group also maintains a presence in the Middle East across five countries, including Saudi Arabia, Qatar, Bahrain, Oman, and Dubai, with two hospitals and six medical centers, employing more than 6,000 healthcare providers, including 600 doctors. KIMS provides high-quality clinical care focused on patient safety and affordability, positioning itself for expansion in India and the Middle East. On March 29, 2017, True North (formerly India Value Fund Advisors) invested $200 million for approximately a 40% stake in KIMS, marking one of India's largest healthcare PE transactions. The investment included a secondary purchase of stakes from existing investors Ascent Capital Advisors and OrbiMed Advisors, who invested in 2012, plus primary capital to fund growth plans across India and the Middle East. True North, investing via India Value Fund V, will support operational expansion while Dr. M.I. Sahadulla and his management team retain board majority and operational control. At the time, KIMS reported a combined turnover of over Rs 1,100 crore with 11.5% profitability. True North highlighted the investment as addressing India's healthcare supply-demand gap, noting it as their ninth healthcare deal across funds. KIMS aims to become one of the largest providers in India and the Middle East within three to five years post-investment.

Who has invested in Kerala Institute of Medical Sciences?

1 investor has backed Kerala Institute of Medical Sciences across its funding rounds, including True North.

Lead investors include True North.


Kerala Institute of Medical Sciences Investors

Investors in Kerala Institute of Medical Sciences by funding rounds participated
InvestorHQRoundsRoleFirst check

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Kerala Institute of Medical Sciences Competitors

Kerala Institute of Medical Sciences competitors include listed companies like M1 Kliniken, Hermina Hospitals, Jeena Sikho Lifecare and Cleopatra Hospital, and private ones like The Eye Foundation and Reprieve Cardiovascular.

Public and private companies comparable to Kerala Institute of Medical Sciences
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
M1 KlinikenGermanyGermanyPublicly listed$409M$44M$397M1.7x
Hermina HospitalsIndonesiaIndonesiaPublicly listed$394M$102M$404M1.6x
The Eye FoundationIndiaCoimbatorePrivate--$375M-
Reprieve CardiovascularUnited StatesBoston, MAPrivate--$370M-
Jeena Sikho LifecareIndiaIndiaPublicly listed$85M$38M$426M4.1x
Cleopatra HospitalEgyptEgyptPublicly listed$134M$32M$364M2.4x

Kerala Institute of Medical Sciences Public Comps

Kerala Institute of Medical Sciences is no longer listed, but its public comps include M1 Kliniken, Hermina Hospitals, Jeena Sikho Lifecare, Cleopatra Hospital, Auna, Integral Diagnostics, Humana, Indraprastha Medical Corp, Sikarin and Community Health Systems.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
M1 Kliniken$409M$44M0.8x1.7x7.6x8.8x
Hermina Hospitals$394M$102M1.7x1.6x6.5x6.1x
Jeena Sikho Lifecare$85M$38M4.9x4.1x11.0x10.0x
Cleopatra Hospital$134M$32M3.3x2.4x13.5x10.3x
Auna$1.3B$243M1.0x0.9x5.5x4.9x
Integral Diagnostics$547M$96M1.5x1.5x8.7x7.2x
Humana$1B$110M0.7x0.7x6.8x6.4x
Indraprastha Medical Corp$151M$28M2.0x1.8x10.5x10.0x

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Common questions about Kerala Institute of Medical Sciences

When was Kerala Institute of Medical Sciences founded?Kerala Institute of Medical Sciences was founded in 2002.
Where is Kerala Institute of Medical Sciences headquartered?Kerala Institute of Medical Sciences is headquartered in Thiruvananthapuram, India.
Is Kerala Institute of Medical Sciences publicly listed?No, Kerala Institute of Medical Sciences was acquired by Quality Care India in October 2023.
Who acquired Kerala Institute of Medical Sciences?Kerala Institute of Medical Sciences was acquired by Quality Care India in October 2023.
How much was Kerala Institute of Medical Sciences acquired for?Kerala Institute of Medical Sciences was acquired for $396M in October 2023.
How much funding has Kerala Institute of Medical Sciences raised?Kerala Institute of Medical Sciences has raised $200M across 1 funding round.
What was Kerala Institute of Medical Sciences' last funding round?Kerala Institute of Medical Sciences' last funding round was a $200M undisclosed-stage round in March 2017, led by True North.
Who are Kerala Institute of Medical Sciences' investors?Kerala Institute of Medical Sciences' investors include True North.
What is Kerala Institute of Medical Sciences' revenue?Kerala Institute of Medical Sciences' latest recorded revenue is $118M (March 2017).
Which companies are comparable to Kerala Institute of Medical Sciences?Companies comparable to Kerala Institute of Medical Sciences include M1 Kliniken, Hermina Hospitals, The Eye Foundation, Reprieve Cardiovascular, Jeena Sikho Lifecare and Cleopatra Hospital.

See companies similar to Kerala Institute of Medical Sciences

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