U.S.-based Bayada Home Health Care Inc. recently announced a $10 million investment into a home health provider in India it which it owns a stake, with plans to expand the company’s regional presence.
The multi-million dollar investment into India Home Health Care Pvt. Ltd. comes following Bayada’s October 2013 purchase of a 26% stake in the company.
Philadelphia-based Bayada is a $1 billion company with home health and other health care operations across the U.S. and intentions to buy out India Home Health Care in the next three to four years, according to MyDigitalFC.com.
Through the Bayada partnership, India Home Health Care is planning service expansions into seven key cities in India. It currently has operations in Chennai and Bangalore.
“We are launching our services in Hyderabad and Pune in next two quarters. We wish to be present in the top seven cities. However, getting right partners to anchor the services in each city is very crucial. We will invest $10 million in next two years,” V Thiyagarajan, managing director, India Home Health Care, told MyDigitalFC.com.
The goal is to generate $12 million of revenue by 2016 up from the current $2 million in annual revenues, says the article, and increase staff from 500 to 3,000. Bayada is staying focused on India Home Health Care, Mark Baiada, founder of Bayada Home Health Care, told the publication.
“We do not intend to invest in companies outside IHHC in India,” he said in the article. “We are fully committed to IHHC and helping more families in India. We will do everything that we can to help IHHC and are committed to our partnership.”
It’s all part of the U.S. company’s long-term strategy, Thiyagarajan added.
“[Bayada] sees immense potential in the market,” he told MyDigitalFC.com. “Currently, the price points are very low and the awareness about home health care too is limited. But the market will develop rapidly in next four to five years.”
Written by Alyssa Gerace