Columbia Asia, a spinoff of US-based healthcare provider Columbia Pacific Management (CPM), raised $210m in funding yesterday, $140m of which came from diversified conglomerate Mitsui.
The rest of the cash came “primarily from existing investors,” including individuals and family, Columbia Asia said in a statement. Mitsui had previously invested $101m in the company in 2016.
Columbia Asia operates 29 hospitals across India, Malaysia, Indonesia and Vietnam as well as a clinic each in Vietnam and Kenya, which jointly hold some 2,600 beds.
The company, which opened its first hospital in 1996, focuses on the local middle class population, and plans to have a 45-strong hospital network in place by 2025.
Koji Nagatomi, chief operating officer of Mitsui’s healthcare and service business, said: “Since our first investment in July 2016, we have been working closely with Columbia Pacific Management to develop the growth strategy of Columbia Asia, and we are thrilled to be taking part in the additional investment.
“Through our strengthened partnership, we hope to work side-by-side with CPM to expedite the growth and enhance the value of Columbia Asia.”
– Photo courtesy of Columbia Asia.