Bengaluru-based People Tree Hospital has secured a significant ₹220 crore ($25 million) investment from BlackRock, the world’s largest asset manager, to expand its hospital capacity and enhance its focus on super-specialty and oncology services. This marks BlackRock’s debut investment in India’s healthcare sector, made through the People Tree Hospital platform.
The initial tranche of funding will support the hospital’s expansion to 400 beds, enable a promoter-led buyout, and facilitate a smooth exit for early-stage investor and Infosys co-founder, Kris Gopalakrishnan. Additionally, BlackRock has committed a green shoe option of ₹210 crore, bringing the total potential investment to ₹430 crore ($50 million).
According to Dr. Jothi Neeraja, MD & CEO, the capital infusion will enable the addition of 250 new beds, supporting advanced treatments including Oncology, Radiation Oncology, PET-CT, Heart, Lung, Liver Transplants, Hematology, and Bone Marrow Transplants.
Looking ahead, Dr. Upendra Kandluri outlined ambitious plans including a 200-bed super-specialty hospital in KR Puram, with the goal of scaling total bed capacity from 300 to 800 across Bengaluru within the next 2–3 years.
Founded by Dr. Jothi Neeraja and Dr. Upendra Kandluri, People Tree Hospital is entirely owned by Hopkins Healthcare Pvt. Ltd. and built around a promoter-driven model that emphasizes scalability and long-term vision.
Driving strategic expansion is Dr. Abhishek Kandluri, a Johns Hopkins-trained MBA in Healthcare, while Dr. Trupthi Das contributes clinical leadership as an Interventional Radiologist. Abhinav Kandluri manages digital marketing efforts to enhance public healthcare awareness, and Mrs. Maheshwari, COO, leads operations and digital transformation.
The expansion is expected to generate 500–1,000 jobs across Karnataka, positioning People Tree as a major healthcare employer. Its centrally located facilities are designed for accessibility, ensuring ease of commute for patients.
“This partnership with BlackRock validates our approach and strengthens our mission to provide patient-first, world-class healthcare. Our expansion in oncology will significantly improve cancer care access in India,” said Dr. Jothi Neeraja.
In a bold move, the promoters have retained full operational control, limiting external board influence to maintain their patient-centric philosophy.
“We’re committed to delivering quality healthcare while maintaining operational independence. The hospital is EBITDA-positive, and this funding marks a new phase of growth and innovation,” added Dr. Upendra Kandluri, who led the BlackRock deal.
The team also manages Maarga, a psychiatric wellness center in Yelahanka, which is set to expand from 40 to 100 beds, with additional mental health units planned to meet rising demand.
The investment, structured via Non-Convertible Debentures (NCDs) on the Bombay Stock Exchange (BSE), allows the promoters to retain operational freedom. Due diligence was conducted by Deloitte, TTA Legal, and Pooviah & Co Legal, while Chota CFO provided secretarial services, and Seven Mountains acted as investment banker.
With over 12 years of service, People Tree Hospital has built a strong reputation for quality, ethical care. The current facility spans 1 lakh sq. ft., with an additional 3 lakh sq. ft. available for future growth. The institution boasts a team of 100 highly skilled doctors with a collective experience of 200 years, setting the stage for sustained success and innovation in healthcare.
