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Samridhi Fund invests INR18 crore to help Kanungo Institute of Diabetes expand in India
The Kanungo Institute of Diabetes Specialties (KIDS) has received an investment of INR18 crore from the Samridhi Fund. The company will use the new capital for its expansion in the country, according to The Economic Times.
Co-founder Dr. Alok Kanungo said: "The funding will help us continue to increase market share and innovate further to provide affordable healthcare especially in rural Odisha."
Under the terms of the investment deal, Rajesh Kumar of Samridhi will become part of Kanungo's board. The medical firm has also secured another INR7 crore in debt funding to contribute to its expansion. Kanungo Institute will open 30 district centers in Odisha and increase the bed capacity of its main facility in Bhubaneswar to 200 within the next year, the report detailed.
Kanungo Institute is a tertiary hospital that focuses on diabetes management. The company aims to use technology to diagnose cases at district level. Dr Kanungo founded the institute in 2008, The Economic Times reported.