Rainbow Healthcare

South Asia Health

Established in 1999, Rainbow Hospitals is India’s largest specialist paediatric and maternity care provider, providing high-quality facilities across 11 facilities in both North and South India.

Rainbow is one of the fastest growing hospital groups in India – in 2017 it treated approximately 620,000 patients. It is pioneering paediatric care in India and providing specialist services for children that were previously not available in the country.

The company has won several awards, and was recognised as India’s leading hospital for paediatrics, maternity and infertility care by the Times of India.

Our investment

In 2013, CDC invested $17.3 million of equity in Rainbow Hospitals. We have subsequently invested a further $15 million in the company.

Our investment supported the group’s expansion from just 300 beds to almost 1,000 beds today, including expansion into key new cities such as Delhi, Bangalore and Chennai.

Since our investment, the company has consistently grown at more than 30 per cent each year. It continues to expand and aims to treat over 1 million patients every year.

Expected impact

India’s infant and maternal mortality rate is high and for extreme pre-term babies it is even worse. This is mostly due to a severe shortage of specialised neonatal and paediatric surgeons; only a handful of hospitals are correctly staffed and equipped to treat complicated pregnancies and babies with extreme low birth weight.

Since our investment, Rainbow has successfully treated hundreds of babies and sick children who would not have survived elsewhere. To facilitate this, it operates one of the country’s biggest patient transport operations bringing babies from rural areas up to 300km away to its flagship centres. Its hospitals achieve survival rates for extreme pre-term babies that are comparable to those achieved in the UK or US, but at a fraction of the cost.

Rainbow is also a net contributor to India’s medical workforce, training around 5 per cent of new paediatric consultants and up to 10 per cent of all neonatology consultants. It employs over 2,300 people, almost half of them women.

It is also helping to reverse the country’s brain-drain by bringing a large number of specialist doctors back to India who have been working in the UK, US and Canada.

Environmental and social aspects

We worked closely with Rainbow to support improvements in resource efficiency and employee development.

In 2015, we began a programme to help Rainbow reduce its carbon footprint and energy costs, helping the company reduce its energy and water usage by nearly 30 per cent. As a result, in 2018, Rainbow became the first hospital in South Asia to achieve the IFC’s EDGE certification for green buildings.

Three of Rainbow's hospitals are certified with the Indian quality seal of the National Accreditation Board of Hospitals (NABH), which supports best practice in medical and patient care; two are actively pursuing it.

Rainbow has also began a new training initiative to support the retention of day nurses. This includes an upskilling programme that helps nurses, especially those from marginalised communities, to succeed in the workplace.

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, Direct Debt
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

August 2013

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