Global private equity investor Advent International will invest Rs 3,150 crore of primary capital in Yatharth Hospital and Trauma Care Services for a 24.9% stake, marking one of the largest primary investments by a private equity firm in India's hospital sector.
The investment comes as private equity interest in India's hospitals intensifies on the back of rising demand for quality healthcare, increasing health insurance penetration and the opportunity to build scalable regional hospital networks.
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Hospital operators have also seen strong revenue and EBITDA growth, supported by rising patient volumes, improving realisations and a gradual shift towards higher-acuity treatments, according to a recent EY-Parthenon Healthcare Sector report.
Yatharth, which has built a growing hospital network across North India, gives Advent an entry point into a sector where sustained capacity additions and strong operating performance are drawing increasing investor interest.
ET reported in late August that Advent International and Blackstone-backed Aster DM Quality Care were negotiating to acquire a controlling stake in Yatharth.
Under the definitive agreement announced on Thursday, Advent will acquire a significant minority stake of 24.9% in Yatharth Hospitals, subject to customary closing conditions. The promoter Tyagi family will remain the company's largest shareholder following the transaction.
The hospital segment has remained the primary growth engine for India's healthcare sector, with revenue and Ebitda growth at major hospital operators exceeding 15% year-on-year, the EY-Parthenon report said. Occupancy levels have remained broadly stable at 60-75%, while average revenue per occupied bed has improved.
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High-acuity specialties such as cardiology and oncology have also continued to expand strongly, with growth exceeding 15% in some cases, increasing their contribution to hospital revenues, the report said.
Founded in 2008, Yatharth Hospitals operates nine multi-speciality hospitals with around 2,800 beds and an overall announced capacity of about 3,250 beds. The company has expanded through a combination of organic growth and acquisitions across North India.
Advent has been a significant investor in India's pharmaceutical and healthcare sectors but, apart from its 2012 investment in Care Hospitals, has had limited exposure to the hospital sector. The private equity firm has been scouting for hospital assets, including evaluating potential targets in Delhi-NCR.
Its India healthcare portfolio includes Apollo 24/7, the wellness and retail chain, as well as Cohance and Bharat Serums and Vaccines.
“Advent’s investment marks a pivotal milestone in our journey and helps validate the strength of our platform and long-term vision. Beyond capital, Advent brings deep healthcare expertise, global insights, and a strong value-creation mindset that will, we believe, help accelerate our next phase of growth. Together, we aim to expand our reach, strengthen our capabilities, and build one of India’s leading healthcare networks while remaining committed to delivering high-quality outcomes for patients,” Yatharth Tyagi, Whole-time Director, Yatharth Hospitals, said.
Pankaj Patwari, Managing Director at Advent, said, “This investment underscores Advent’s deep and longstanding commitment to India’s healthcare sector, which we believe is entering a decade of structural growth as access expands, quality improves, and consolidation advances. We are pleased to partner with the Yatharth family, bringing our global healthcare expertise and experience investing in founder-led businesses to help support and accelerate the Company’s next phase of growth.”
Advent has more than $109 billion in assets under management as of June 30, 2026, and has made 460 investments across 45 countries. It has more than 35 years of healthcare investing experience, with over 55 healthcare investments across 17 countries.
In India, Advent's recent healthcare investments include Apollo 24/7, Cohance, Felix Pharma, Bharat Serums and Vaccines, and Care Hospitals.
Yatharth Hospitals has a growing presence across the National Capital Region, including Noida, Greater Noida, Noida Extension, Greater Faridabad, New Delhi, Faridabad and Gurugram, as well as Jhansi-Orchha in Madhya Pradesh and Agra.
