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PXV, Indus structure Rs 15 crore Sequoia-Elevar hospital investment

Exclusive: PXV Law Partners and Indus Law Advocates have advised on Rs 15 crore venture capital investment in a start up Glocal Hospital by private equity firms Sequoia Capital and Elevar Equity to develop health care facilities in rural West Bengal.

Newly-inducted PXV Law’s Delhi-based partner Deepto Roy along with Souvik Bhadra led the transaction for Glocal Hospital, which plans to utilise the fund for setting up medical centres.

Roy told Legally India that the deal is the first such transaction in the health sector on which the firm has advised.

Induslaw Bangalore-based partner Srinivas Katta assisted by senior associate Avik Karmakar acted as legal counsel to the private equity group.

VC Circle reported: “Glocal is setting up a 30-bed primary & secondary hospitals in rural India which will offer out-patient, in-patient, OT, emergency and obstetric services besides pathology, radiology, pharmacy & blood bank. Glocal will first set up eight such hospitals in West Bengal in the districts of Bankura, Birbhum, Burdhaman, East Medinipur, Nadia, Purulia and Musrhidabad.”

Two former bureaucrats have started Glocal Healthcare Systems and the current round of funding is the first they have received with similar investments likely to be made in the future.

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