Healthcare and Lifesciences
VedaCorp advised Sukino, India’s leading out-of-hospital care provider, on its INR 275 crore Series B fundraise
About
Founded in 2016 by Rajinish and Shalini Menon, Sukino today operates 550+ beds across 8 centres in Bengaluru, Kochi and Coimbatore. Sukino provides structured, affordable post-acute support which enables patients to lead fuller lives. Sukino’s centres are strategically located between major hospitals and residential hubs. Though they primarily cater to the needs of stroke patients, centres also admit people who need rehabilitation for neurological, orthopaedic and oncology conditions among others.
Sukino is profitable at group level and has seen strong growth for the past few years. It plans to add 20+ new centres in the next 2 years.
Stakeboat Capital
Stakeboat Capital, headed by Mr. Chandrashekar Kandasamy is a $150M private equity fund that invests in growth stage businesses across Healthcare & Lifesciences, Value added industrials & manufacturing and B2B technologies & business services.
Bessemer Venture Partners
Bessemer Venture Partners (BVP) is a global venture capital firm which has partnered with more than 80 startups across a wide range of company stages and sectors in India, since opening their India office nearly 20 years ago.
With more than 145 IPOs and 300 portfolio companies globally in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth.
Rainmatter
Rainmatter is a ₹1,000 Cr perpetual fund by Zerodha. The fund invests in Indian startups across three main areas: Fintech, Health & Wellness, and Climate change & environment. It helps founders with mentorship, financial APIs, industry networks, and opportunities to validate products & services. The fund is known for its patient capital approach, offering long-term support to founders.
Background
We are pleased to announce that our client, Sukino Healthcare Solutions Private Limited (“Sukino”) has raised Series B funding of INR 275 crore led by Bessemer Venture Partners (“BVP”). This round also saw participation from Rainmatter. The investment will be used to expand Sukino’s network across major cities in South India. As part of this transaction, Series A investor in Sukino, Stakeboat Capital, has been provided a full exit.
This is VedaCorp’s second transaction for Sukino, having also advised on its Series A fundraise from Stakeboat Capital in 2023.
Sukino is a leading out of hospital healthcare chain providing specialized rehabilitation and extended care critical for the recovery of stroke patients. It also caters to patients who require rehabilitation for neurological, orthopedic, and oncology conditions, among others.
Veda Corporate Advisors (“VedaCorp”) was the exclusive financial advisor to the Sukino and its shareholders. VedaCorp provided comprehensive transaction advisory services covering identification of prospective investors, strategic positioning, deal structuring and negotiation of key commercial terms leading to the successful closure of the transaction.
This transaction marks VedaCorp’s 66th transaction in healthcare and life sciences segment. The transaction reinforces VedaCorp’s track record in successfully advising mid-market investments in healthcare businesses.
“Raising capital is never just about the numbers. It’s always about finding the right story and the right audience. Veda team didn’t just act as our advisors but acted like an extension of our own leadership team. Their deep sector expertise, strategic insights, and tireless dedication coupled with their ability to navigate complex negotiations to maintain momentum were instrumental in helping us secure the right partners for our next phase of growth. This is our second successful engagement with Veda, and we are deeply appreciative of their contributions to our growth. Thank you, Team Veda!”
Rajinish Menon
Founder & CEO - Sukino Healthcare Solutions Private Limited
‘‘Sukino is unique healthcare company with a core focus on adding ‘Life to years’ of its patients. It is a pioneering healthcare platform in the out-of-hospital continuum care segment in India. It has a highly standardized and scalable operating model geared to deliver measurable positive clinical outcomes for its patients. VedaCorp is grateful to Rajinish, Shalini and Sukino team for trusting us time and again. We are confident that this new investment will significantly accelerate the company’s expansion plans and take it to greater heights”
Venkat Subramanyam
Founder & Executive Chairman and Mahesh Navada, Executive Director – VedaCorp