US-based private equity firm KKR has infused ₹1,750 crore into Baby Memorial Hospital through a rights issue, strengthening its bet on the Kozhikode-headquartered healthcare chain and supporting its regional expansion plans.
With this latest investment, KKR’s total funding in the hospital group has crossed ₹5,100 crore within two years of its initial entry in July 2024, according to filings with the Ministry of Corporate Affairs. The firm now holds an estimated 75% stake in the company, sources said.
KKR had first invested ₹2,100 crore in July 2024 to build a southern India-focused hospital platform, followed by an additional ₹1,261 crore in September 2025, prior to the current round.
Founded by physician KG Alexander, Baby Memorial Hospital has been using the capital to drive acquisitions and scale operations. The company recently acquired a controlling stake in Hyderabad-based Star Hospitals, led by cardiologist and Padma Shri awardee Gopichand Mannam, outbidding Fortis Healthcare. Earlier, it had also acquired Meitra Hospital in Kerala.
The hospital chain currently operates nine facilities across Kerala, Tamil Nadu, and Telangana including six in Kerala, one in Tamil Nadu, and two in Telangana through the Star Hospitals acquisition. Its total bed capacity is expected to reach around 3,000, with projected revenues of ₹2,500 crore by the end of the current financial year.
KKR has prior experience in scaling hospital networks. In 2018, it invested in Max Healthcare and Radiant Life Care, later merging the two entities and expanding their footprint before exiting the investment profitably.