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Tata Capital Healthcare Fund II—Tata Group’s private equity fund focused on growth-stage healthcare companies—has pumped in $10 million in India’s second largest dialysis chain, Apex Kidney Care (AKC), for an undisclosed stake.

Mumbai-based Apex Kidney Care will use the new funds to expand its dialysis operations in the country, a company statement said on Wednesday.

India witnesses close to 21 million dialysis sessions every year, which makes up for less than 11% of the country’s overall requirement. This indicates a significant need gap caused due to a combination of accessibility, affordability and compliance challenges, according to the companies.

Tata Capital Healthcare Fund II made its first investment in health tech firm Deeptek in March 2022. It wrote a $10 million cheque to Mumbai-based Oncocare Centre, a chain of cancer centres.

“At TCHF II, we take a holistic approach to investing capital and backing companies like AKC that address glaring gaps in healthcare. We look forward to working closely with AKC and making high-quality and cost- effective services available to nephrology patients. We believe India needs many more Apex kinds of organisations to deliver dialysis services and effectively address the healthcare need gap in the industry,” Vamesh Chovatia, Partner at Tata Capital Healthcare Fund II, said.

“This is a defining moment for us at Apex Kidney Care and we are honoured to be associated with Tata Capital Healthcare Fund II. This association will significantly augment our servicing capabilities and will play a critical role in realizing our mission of creating a kidney care ecosystem for patients–built on compassion, respect, transparency and desired treatment outcomes. Tata Capital Healthcare Fund II’s support will help us make dialysis and allied services accessible and affordable to all,” Indranil Roy Choudhury, CEO of Apex Kidney Care, said.