Narayana Health

South Asia Health

Narayana Health is India’s largest affordable healthcare chain, operating a range of multi-speciality hospitals across the country.

Since its first facility was established in Bengaluru with 225 operational beds, it has grown to 24 hospitals, seven heart centres and a network of primary care facilities across India with a total of over 6,000 beds.

The company has been consistently held up as an innovator in affordable health models, particularly its ‘assembly line’ approach to achieve low-cost at scale. Its founder, Dr Devi Shetty has been described as the ‘Henry Ford of medicine’.

Our investment

In 2014, CDC invested $48 million in Narayana Health to increase access to low-cost healthcare in India.

In 2016, we worked with the company on a successful IPO and it is now an Indian Fortune 500 company. In 2018 we committed capital under our Resource Efficiency Facility to implement energy efficiency and renewable energy interventions.

Expected impact

Our investment supported the company in rolling out its pioneering low-cost healthcare solutions, to deliver quality care to more than 2 million patients including in underserved parts of Central and Eastern India. Around half of Narayana patients receive financial support for treatment, either from the firm itself or through government schemes.

The company has also worked closely with governments in India on schemes to expand access to care. This includes developing one of the world’s largest low-cost insurance schemes with the government of Karnataka, enabling millions of poor farmers to access healthcare for premiums of about $1 per month.

It is estimated that India needs over a million more trained nurses. Narayana recognises that nurses are an integral part of its healthcare delivery and is helping to fill that gap by building teaching hospitals and specialist nursing colleges, and training thousands of new nurses every year.

When we made our investment, the company employed over 12,500 people. Through its expansion programme, it is now on course to create at least 8,000 additional jobs.

Environmental and social aspects

We have successfully worked with Narayana Health to establish high, world class environmental and social standards.

We are now working closely with the company to assess and implement good  waste management practices.  We are also supporting the company  through our Resource Efficiency Facility to implement energy efficiency and renewable energy interventions.

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 Debt, 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

December 2014

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.


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