South Asia Health

Manipal Education and Medical Group (MEMG) is one of India’s leading medical research, education, and healthcare services providers. It manages hospitals, education institutions, and medical research facilities.

The Bangalore-based company was founded in 1953 and owns and operates onsite campuses in Manipal, Mangalore, Bangalore, Goa, Sikkim, Nepal, Malaysia, the United Arab Emirates, and Antigua.

MEMG-CDC Ventures is a new platform established by Manipal and CDC, pooling capital and expertise to back and develop the next generation of out-of-hospital healthcare services.

Our investment

In early 2017, CDC joined forces with MEMG to invest an initial $80 million in innovative local healthcare opportunities across India, Africa and South Asia.

MEMG-CDC Ventures will invest in and develop companies which are shaping the future of healthcare delivery across
these regions. It will focus on care beyond hospitals, enabling earlier diagnosis and more effective, lower-cost treatment.

The platform has so far made two investments: the first in iGenetics, a leading Indian molecular diagnostics company; the second in Portea, India’s largest home healthcare company, which was made alongside Accel US.

Expected impact

In Africa and South Asia, we believe there will be a strong shift towards delivering new formats of healthcare in the 21st century, moving it away from hospitals and into other settings. This will successfully deliver higher quality care at a lower cost.

Our investment will support the growth of the healthcare sector in India, creating jobs and tapping into medical and technical innovations to improve access to good quality and affordable care for all patients.

For instance, Portea is the leading provider of home healthcare within India. Operating in over 20 cities across the country, the company has several thousand employees and is allowing hundreds of thousands of patients to be treated within their own homes rather than needing to seek hospital-based medical care.

Environmental and social aspects

We supported Manipal in developing its environmental and social management framework, which includes performing environmental and social due diligence on any new investment opportunities.

We continue to monitor performance in line with this framework, and support the joint venture on implementing relevant processes.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

South Asia

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Direct Equity
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

January 2017

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.


CDC is becoming British International Investment