Nova Medical to expand its network of surgeries
Ambulatory or same- day surgery provider Nova Medical is raising fresh capital of $50 million to expand its network of surgeries in the country. Bangalore-based Nova, part funded by GTI group, a global investment firm that includes former Google CEO Eric Schmidt on its board, plans to invest $100 million over the next three years to set up 25 new centres across India and the Middle East, as demand for ambulatory services rises across the region. Novas will also set-up 10 in-vitro fertilisation (IVF), or assisted reproductive technology, centres. The current round of fund raising will include participation from the company’s existing investors New Enterprise Associates (NEA), Omani industrial group OMZEST and GTI. “This will be the biggest surgical footprint in India for a procedure where a person can have an operation during the day and be back home for dinner in the evening,” said Suresh Soni, Nova founder as well as managing partner and co-founder at GTI Group Soni, a serial entrepreneur whose other ventures include US-based technology start-up Coldwatt and biotechnology firm Glori Oil which helps in oil exploration, founded Nova two years ago. Soni said he set up the company based on the Indian conditions, where a network of surgeons can perform all the procedures like a hundred bed hospital.
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