Bhubaneswar: MUrgency Group has has entered into Share Purchase Agreements with Acumen Fund to acquire majority stake in Ziqitza Health Care Limited, India’s leading emergency medical response and transportation (Life Support Ambulance Service) company. MUrgency Group a holding company for multiple businesses based out of India, UAE and USA.
Post the conclusion of the transaction, documentation and necessary approvals, MUrgency Group will be taking both board and management control of Ziqitza HealthCare Limited. Mr. Shaffi Mather will be taking over as the non-executive chairman and Ms. Sweta Mangal as the group chief executive officer of the combined MUrgency – Ziqitza Group. There are no immediate changes expected in the current management team in Ziqitza, a readout issued by the MUrgency Group. The announcement is consistent with Murgency strategic focus to maximize shareholder value and continue to reimagine Pre-Hospital Care in India.”
The world’s and USA’s largest emergency medical response and life support ambulance service company, Global Medical Response Inc., USA, owned 100.00% by KKR, USA, continues to remain an investor and 10.71% stakeholder in Ziqitza Health Care Limited at this time.
Following completion of these transactions, MUrgency Group will through Ziqitza HealthCare Limited will have a pan Indian presence in emergency medical response and transportation (Life Support Ambulance Service) sector with operations in 28 states in India with 3600+ ambulances and 12000+ employees with a medical transport operation of 15000+ patients every day. Ziqitza has till date transported 50 million+ patients. Presently, Ziqitza operates ambulances in India and UAE. Ziqitza is also positioning to grow its services across the six GCC nations (Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and UAE) in the next few years.
“This announcement marks a significant step for both MUrgency Group and Ziqitza towards delivering on their respective strategy to continue to grow the emergency medical response and medical transportation vertical in Asia. Saving lives is fundamental to the survival of human race. And the MUrgency – Ziqitza combine will save more lives by strengthening the emergency medical response and transportation both in India and abroad”, said Mr. Shaffi Mather, Founder of MUrgency and Ziqitza.
Acumen Fund Inc., USA, a global social impact venture fund, is the major seller in this round. Acumen had invested in Ziqitza Health Care Limited both in Series A and Series B rounds of the Company. HDFC, IDFC First Bank and founders of True North Private Equity (in their personal capacity) are also sellers in this round.
“Acumen is happy to be selling our stake to MUrgency Group led by Mr. Shaffi Mather to take this important work forward,” said Ms. Carlyle Singer, President of Acumen Fund. “Mr. Mather shares our commitment to integrity, sustainability and the communities that Ziqitza has been serving,” she added.
