Private Equity Health Investments Focus on South and West India: Study

An analysis of private equity investments within India's healthcare industry spanning nearly two decades indicates that funding heavily concentrated in multispecialty hospitals across urbanized southern and western regions. Meanwhile, rural and underserved parts of the country received little to no financial backing.

Researchers from Brown University and Johns Hopkins Bloomberg School of Public Health reviewed 70 private equity-backed acquisitions occurring between January 2007 and May 2025. The findings show that more than 73 percent of these investments targeted 45 hospital groups encompassing numerous multispecialty and single hospitals, while outpatient investments primarily focused on ophthalmology and fertility care.

Investment activity accelerated following 2020, reaching its peak in 2023 with 18 transactions. Researchers attributed this trajectory to global post-pandemic patterns where healthcare drew investments due to stable revenues and favorable financial conditions.

Geographically, Karnataka recorded the highest transaction count at 13, trailed closely by Maharashtra and Telangana. Conversely, northern and eastern regions attracted minimal or zero investments.

Foreign private equity entities, including those operating out of the United States, Singapore, and Mauritius, solely financed nearly 67 percent of all acquisitions. In contrast, domestic Indian investors backed 18 of the deals.