British International Investment


South AsiaConsumer - Health

Manipal Education and Medical Group (MEMG) is one of India’s leading medical research, education, and healthcare services providers. It manages hospitals, education institutions, and medical research facilities.

The Bangalore-based company was founded in 1953 and owns and operates onsite campuses in Manipal, Mangalore, Bangalore, Goa, Sikkim, Nepal, Malaysia, the United Arab Emirates, and Antigua.

MEMG-CDC Ventures is a new platform established by Manipal and CDC, pooling capital and expertise to back and develop the next generation of out-of-hospital healthcare services.

This investment was made when British International Investment was named CDC Group.

We have now exited this investment. This is what we achieved.

Achieved impact

Primary impact was expected around reducing burden on hospitals, increased accessibility, deploying new diagnostic technologies, and improved quality. Both investments made by the platform played a significant role during the COVID outbreak. Portea served around 133,000 patients per year, while iGen significantly deepened its footprint.

We led a specific intervention for women caregivers at Portea to address women's professional development and upskilling, which was impeding women's progression and promotion. This led to a reduction in the attrition rate, improving the quality of services.

Expected impact

In early 2017, CDC joined forces with MEMG to invest an initial $80 million in innovative local healthcare opportunities across India, Africa and South Asia.

MEMG-CDC Ventures will invest in and develop companies which are shaping the future of healthcare delivery across these regions. It will focus on care beyond hospitals, enabling earlier diagnosis and more effective, lower-cost treatment.

The platform has so far made two investments: the first in iGenetics, a leading Indian molecular diagnostics company; the second in Portea, India’s largest home healthcare company, which was made alongside Accel US.

In Africa and South Asia, we believe there will be a strong shift towards delivering new formats of healthcare in the 21st century, moving it away from hospitals and into other settings. This will successfully deliver higher quality care at a lower cost.

Our investment will support the growth of the healthcare sector in India, creating jobs and tapping into medical and technical innovations to improve access to good quality and affordable care for all patients.

For instance, Portea is the leading provider of home healthcare within India. Operating in over 20 cities across the country, the company has several thousand employees and is allowing hundreds of thousands of patients to be treated within their own homes rather than needing to seek hospital-based medical care.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.



Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    March 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Consumer - Health

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    January 2017
    End date :
    December 2023
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.


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