This week on our round-up, we feature the work of two healthcare social enterprises, the launch of an impact management fund and news about an exciting competition for entrepreneurs.
They are looking to use the funding to expand into other states such as Uttar Pradesh, Bihar, Orissa, Chattisgarh, Jharkhand as well as opening more hospitals in West Bengal. They have a computerised system that helps doctors automate diagnosis of 42 diseases ranging from heart disease to malaria.
SIDBI Venture Capital who raised the money for Glocal said the quality of management and the implementation track record of Glocal attracted them to the firm. Glocal had raised money earlier this year and their computerised system will hopefully provide help to even more people.
Jeevanti Healthcare, which is headquartered in Thane in Maharashtra, has two hospitals in Ambernath and Bhiwandi and they are opening a third hospital soon. Between March 2012 and July 2013, the two hospitals served 30,000 people.
Their aim is to create a chain of hospitals in small cities in Maharashtra and Gujarat. In contrast to the other nurses in the areas that they operate in, their nurses have three-year diplomas or four-year bachelor degree in nursing with 2-3 years of experience.
As land acquisition is tough, Jeevanti convert old hospitals into their own. Their capital expenses are low as they don’t buy the hospitals outright. Their focus is on upgrading the facilities. Also, they offer jobs to all the employees who were working at the hospital before the conversion.
Former JP Morgan Asset Management India chairman Krishnamurthy Vijayan launches impact investment fund
Krishnamurthy Vijayan has launched an impact management fund called Charioteer Fund-I. He is a former executive chairman at JP Morgan Asset Management India and the fund will invest in India’s livelihood and skills development space.
It has been registered as a social venture fund. It is expected that they will invest ₹1-10 crores in micro-enterprise sectors. They are looking to invest in enterprises that will support minimum wage workers with bank accounts, medical cover of ₹2 lakh and a new pension scheme.
They are aiming to invest in 25 ventures with an investment cycle of up to 8 years. And they are aiming to make their first investment in 2 months.
There will be two categories. These are ‘Idea’ and ‘Operations’. Idea is a solution which has not been implemented yet and operations is for an enterprise which is already active.
The winners and finalists will receive national visibility, the chance to meet high profile investors while networking, and capacity building. The challenge will run for 6 months and the winners will be announced at an event in March 2014.
The Ennovent Network is a global online community where entrepreneurs, mentors, investors, and experts collaborate to accelerate innovations for low-income markets. Join the Ennovent Network now.