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- Manipal Hospitals
Manipal Hospitals Acquisition, Valuation, Funding & Investors
Manipal Hospitals was acquired by Sheares Healthcare for $4.9B in April 2023, a 8.2x multiple on $598M of revenue.
Manipal Hospitals acquisition price
$4.9B
Acquired by Sheares Healthcare · Apr 2023
Manipal Hospitals revenue at acquisition
$598M
Last twelve months · Apr 2023
Manipal Hospitals revenue multiple at acquisition
8.2x
EV/Revenue · Apr 2023
Manipal Hospitals EBITDA multiple at acquisition
32.7x
EV/EBITDA · Apr 2023
About Manipal Hospitals
Manipal Hospitals operates a network of 15 hospitals and three primary clinics as part of the Manipal Education and Medical Group, delivering comprehensive curative and preventive care. The Bengaluru-headquartered chain serves patients from India and globally, holding a prominent position in South India's healthcare sector with specialties across various medical fields.
Founded
1953
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Services
Revenue
$598M (Apr 2023)
Valuation
$4.9B (acquired Apr 2023)
Sectors
Manipal Hospitals Acquisition
Manipal Hospitals was acquired by Sheares Healthcare for $4.9B on 8 April 2023.
The acquisition price implies a 8.2x revenue and 32.7x EBITDA multiple on $598M of revenue.
Before the acquisition Manipal Hospitals had raised $282M across 1 funding round.
Temasek Holdings, through its wholly-owned subsidiary Sheares Healthcare, acquired an additional 41% stake in Manipal Health Enterprises in April 2023, bringing Sheares' total ownership to 59%. The transaction valued the hospital chain at Rs 40,000 crore enterprise value. With this acquisition, promoter Ranjan Pai and family's stake was reduced to 30%, while existing investor TPG retained 11% and reinvested through TPG Asia VIII. Manipal Hospitals is India's second-largest hospital chain, operating 29 hospitals across 15-16 cities with approximately 8,300 beds, 4,000 doctors, and over 11,000 employees, serving more than 5 million patients annually. Sheares Healthcare had initially invested in Manipal Hospitals in 2017 with an 18% stake, which provided six years of operational familiarity with the business before the controlling stake acquisition. Temasek's acquisition was positioned as the largest private equity deal in India's healthcare sector at the time, marking a long-term commitment to the Pai family's legacy healthcare business. The transaction proceeded post-regulatory approvals with Allegro Capital serving as financial advisor. Following the deal closure, Manipal accelerated expansion through strategic acquisitions including AMRI Hospitals in Kolkata and pursuit of KIMS Health Management in Kerala, positioning itself to become India's largest hospital chain.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 8 Apr 2023 | Strategic M&A | $4.9B | 8.2x | 32.7x |
Manipal Hospitals Funding History
Manipal Hospitals has raised a total of $282M across 1 funding round.
Manipal Hospitals funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Apr 2021 | Undisclosed stage | NIIF (lead) | $282M | Manipal Hospitals, one of India’s largest multi-speciality healthcare providers, received an investment of INR 2,100 crore (approximately $285 million USD) from the National Investment and Infrastructure Fund (NIIF) through its Strategic Opportunities Fund in April 2021. This marked SOF’s first investment in the Indian healthcare sector and aimed to support Manipal’s growth to become one of India’s largest hospital chains. The transaction was subject to regulatory approvals and enabled consolidation with Columbia Asia Hospitals, expanding Manipal to over 7,300 beds across 27 hospitals, more than 10,000 employees, and over 4,000 doctors, serving over three million patients annually. Headquartered in Bengaluru, Manipal Hospitals operates 11 tertiary/quaternary care facilities and four secondary care hospitals, managing about 6,000 beds across 15 locations in India and abroad prior to the merger. The investment highlighted Manipal’s strong governance, efficient healthcare delivery platform, and capable management team, aligning with NIIF’s philosophy. NIIF viewed the partnership as a way to address India’s healthcare needs through broader outreach of quality services in Tier I/II markets. NIIF later exited its investment in Manipal Hospitals in 2023, achieving one of the top private equity exits that year with profits of INR 1,046 crores (USD 125 million), noted as one of the largest minority exits in India by absolute profits. The initial investment was described as one of the largest PE investments by a domestic fund in the country. |
Who has invested in Manipal Hospitals?
1 investor has backed Manipal Hospitals across its funding rounds, including NIIF.
Lead investors include NIIF.
Manipal Hospitals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Manipal Hospitals
Manipal Hospitals has acquired 6 companies to date.
Last acquisition by Manipal Hospitals was on July 9th 2025. Manipal Hospitals acquired Sahyadri Hospitals for $745M.
Latest Acquisitions by Manipal Hospitals
| Description | Sahyadri Hospitals is a Pune-headquartered chain with facilities in Nashik, Karad, and Pune delivering specialized care in cardiology through cath labs and heart surgeries, oncology with radiation and chemotherapy units, orthopaedics featuring joint replacements, and multispecialty services including neurology and gastroenterology. The network offers executive health check-up packages and online appointment booking across its modern infrastructure. | Khubchandani Group is a Mumbai-based conglomerate active in real estate development, hospital management, diagnostics, retail outlets, and hospitality venues. The group develops residential townships and commercial complexes in Maharashtra alongside operating multispecialty hospitals and pathology labs under the Jupiter brand. Its leisure division includes multiplex cinemas and resorts in Goa and Lonavala. | Medica Synergie is a Kolkata-based hospital chain in eastern India with five multispecialty facilities totaling over 1,000 beds. The network delivers services in cardiology, oncology, orthopedics, and critical care across West Bengal, equipped with 128-slice CT scanners and 3T MRI machines. Accredited by NABH, it treats 500,000 outpatients yearly and performs 20,000 surgeries annually. Launched in 2014, Medica Synergie emphasizes affordable tertiary care through public-private partnerships. | AMRI Hospitals Saltlake is a multispecialty facility in Kolkata delivering oncology care through radiation, medical, and surgical departments. Part of CK Birla Group since 2017 acquisition, the Salt Lake campus features linear accelerators, PET-CT scanners, and bone marrow transplant units. It treats 5,000 cancer patients annually with protocols aligned to NCCN guidelines. The hospital collaborates with Tata Medical Center for research and serves eastern India with palliative care services. | |
| HQ Country | |||||
| HQ City | Pune | Mumbai | Kolkata | - | |
| Deal Date | 9 Jul 2025 | 15 Oct 2024 | 29 Apr 2024 | 20 Sep 2023 | |
| Valuation | $745M | $50M | $168M | $277M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Manipal Hospitals acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Manipal Hospitals
Manipal Hospitals has invested in 1 company to date.
Latest investment by Manipal Hospitals was on January 7th 2021. Manipal Hospitals invested in PhableCare in their $12M Series A round.
Latest Investments by Manipal Hospitals
| Description | PhableCare is a Bengaluru-headquartered digital health platform connecting patients, doctors, hospitals, devices, insurers, and caregivers in India. The app provides AI-driven chronic disease management for diabetes and hypertension through continuous glucose monitoring, predictive alerts, and personalized care plans addressing treatment non-compliance. | PhableCare is a Bengaluru-headquartered digital health platform connecting patients, doctors, hospitals, devices, insurers, and caregivers in India. The app provides AI-driven chronic disease management for diabetes and hypertension through continuous glucose monitoring, predictive alerts, and personalized care plans addressing treatment non-compliance. |
| HQ Country | ||
| HQ City | Bangalore | Bangalore |
| Deal Date | 7 Jan 2021 | 5 May 2020 |
| Round | Series A | Seed |
| Raised | $12M | $1M |
| Investors | Social Starts; Fresco Capital; SOSV | Kettleborough VC; Fresco Capital; Kalaari Capital; Vinay Bansal; Inflection Point Ventures; Mitesh Shah; Ankur Mittal; Nimesh Kampani |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Manipal Hospitals investments and their VC round multiples. Start Free Trial | ||
Manipal Hospitals Competitors
Manipal Hospitals competitors include listed companies like LifeStance Health, Bumrungrad Hospital, Concentra Group and Global Health, and private ones like Luz Saude and IVC Evidensia.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.4B | $79M | $4.8B | 3.1x | ||
| Publicly listed | $757M | $273M | $4.7B | 5.7x | ||
| Publicly listed | $2.2B | $409M | $4.5B | 2.9x | ||
| Publicly listed | $450M | $98M | $4B | 7.9x | ||
| Private | - | $333M | $3.2B | - | ||
| Private | - | - | $14B | - |
Manipal Hospitals Public Comps
Manipal Hospitals is no longer listed, but its public comps include LifeStance Health, Bumrungrad Hospital, Concentra Group, Global Health, Narayana Health, Medicover, Option Care Health, RadNet, Sunway Healthcare and Mouwasat.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.4B | $79M | 3.5x | 3.1x | 63.7x | 24.1x | |||
| $757M | $273M | 6.0x | 5.7x | 16.5x | 14.2x | |||
| $2.2B | $409M | 3.0x | 2.9x | 16.0x | 13.8x | |||
| $450M | $98M | 8.9x | 7.9x | 40.9x | 36.0x | |||
| $819M | $167M | 5.3x | 4.4x | 25.8x | 22.1x | |||
| $2.7B | $429M | 2.0x | 1.8x | 12.6x | 11.4x | |||
| $5.6B | $408M | 0.8x | 0.8x | 11.6x | 9.9x | |||
| $2B | $314M | 3.9x | 3.3x | 25.1x | 22.7x | |||
This data is available for Pro users. Sign up to see all Manipal Hospitals competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Manipal Hospitals
| When was Manipal Hospitals founded? | Manipal Hospitals was founded in 1953. |
| Where is Manipal Hospitals headquartered? | Manipal Hospitals is headquartered in Bangalore, India. |
| Is Manipal Hospitals publicly listed? | No, Manipal Hospitals was acquired by Sheares Healthcare in April 2023. |
| Who acquired Manipal Hospitals? | Manipal Hospitals was acquired by Sheares Healthcare in April 2023. |
| How much was Manipal Hospitals acquired for? | Manipal Hospitals was acquired for $4.9B in April 2023, a 8.2x revenue multiple. |
| How much funding has Manipal Hospitals raised? | Manipal Hospitals has raised $282M across 1 funding round. |
| What was Manipal Hospitals' last funding round? | Manipal Hospitals' last funding round was a $282M undisclosed-stage round in April 2021, led by NIIF. |
| Who are Manipal Hospitals' investors? | Manipal Hospitals' investors include NIIF. |
| Which companies are comparable to Manipal Hospitals? | Companies comparable to Manipal Hospitals include LifeStance Health, Bumrungrad Hospital, Concentra Group, Global Health, Luz Saude and IVC Evidensia. |
| How many companies has Manipal Hospitals acquired? | Manipal Hospitals has acquired 6 companies, including Sahyadri Hospitals, Khubchandani Group, Medica Synergie, AMRI Hospital Saltlake Kolkata and Vikram Hospital. |
| What was the largest acquisition by Manipal Hospitals? | The $745M acquisition of Sahyadri Hospitals in July 2025 is the largest acquisition Manipal Hospitals has made to date. |
| How many companies has Manipal Hospitals invested in? | Manipal Hospitals has invested in 1 company, including PhableCare. |
| What was Manipal Hospitals' last investment? | In January 2021, Manipal Hospitals invested in PhableCare's $12M Series A alongside Social Starts, Fresco Capital and SOSV. |
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