Unihealth Hospitals is a doctor-led healthcare platform that builds and runs hospitals in markets where quality care is scarce - starting in East Africa, where it now operates Uganda’s largest private tertiary facility, and expanding into India with an asset-light model. Founded in 2010 by two Indian physician-entrepreneurs who first connected African patients to treatment in India, the company has spent over a decade layering on hospital operations, pharmaceutical distribution and healthcare consultancy, each reinforcing the others. The recurring pattern is simple: enter an underserved geography with a flagship hospital, use that hub to anchor a wider network of smaller spoke facilities, and feed the whole system with a captive supply chain and a consultancy that designs hospitals for other people - earning fees while building a pipeline of future assets. # Business segments Four engines that feed each other - a hospital network that delivers the bulk of revenue, a consultancy that designs and manages hospitals for others, a pharmaceutical supply chain that stocks its own facilities and sells to third parties, and a medical-travel service that fills beds with international patients. ## 1. Hospital operations: the group’s clinical and economic anchor **A growing network of owned and operated multi-specialty hospitals across Uganda, Tanzania and India, where the company earns revenue from inpatient, outpatient and procedural care - and where the flagship facility enjoys a ten-year tax holiday.** - **The flagship is a protected asset** - UMC Victoria Hospital in Kampala, Uganda, is a 120-bed tertiary care hospital that serves as the preferred healthcare partner for multiple UN agencies and diplomatic institutions, and operates under a corporate income tax holiday granted by the Ugandan government until mid-2034. - **Hub-and-spoke expands reach without duplicating cost** - the Entebbe facility, a 30-bed hospital commissioned during FY26, acts as a spoke to the Kampala hub, channelling complex cases to the flagship while handling routine care locally, which improves patient flow and reduces wait times. - **Premium positioning avoids price wars** - the Kampala hospital targets the upper socioeconomic segment, with private and semi-private rooms and ICUs running at 90% occupancy or more, so it competes on clinical reputation rather than on price. - **India entry is asset-light and partnership-driven** - the company commissioned its first Indian hospital, a 50-bed facility in Navi Mumbai, during FY26, and has a 200-bed Nashik hospital scheduled for the next calendar year, aiming for 500-600 beds across Maharashtra’s Mumbai-Pune-Nashik triangle within 24 to 36 months without owning all the real estate. - **Capacity doubled in a single year** - total beds grew from roughly 200 at the start of FY26 to around 400 by year-end, driven by the Entebbe and Navi Mumbai openings. ## 2. Healthcare consultancy: designing and managing hospitals for others **A capital-light, high-margin business that earns fees for planning, building and operating hospitals on behalf of clients - and creates a pipeline of facilities the company may one day run under its own brand.** - **Design-Build-Operate is the model** - the company takes a project from feasibility study and architectural planning through to medical equipment procurement and eventual operations, using an in-house team of planners, architects and engineers, so it captures revenue at every stage without deploying its own capital. - **Managed from a single office** - projects are run from the corporate headquarters in Mumbai via video calls and occasional travel, meaning the consultancy can add new mandates without placing teams on the ground in every country. - **The project book is large and international** - cumulative proposed bed strength across active consultancy mandates exceeds 1,300 beds, spanning India and multiple African countries, with the single largest being a 500-bed health city in Pune. - **It opens doors to non-healthcare clients** - the company actively pursues operations and management contracts with clients who do not traditionally belong to the healthcare sector, broadening the addressable market beyond hospital owners. ## 3. Pharmaceutical and consumables distribution: a captive supply chain that also sells to others **The company buys medical consumables and medicines from Indian manufacturers, ships them to Africa, and supplies its own hospitals at lower cost - while earning a margin on sales to third-party healthcare providers.** - **Own hospitals are the anchor customer** - by procuring in bulk for its Uganda and Tanzania facilities, the division reduces inventory costs for the group and insulates its hospitals from local supply disruptions. - **Exclusive partnerships lock in supply** - the company is the authorised distributor for several Indian manufacturers, including an exclusive arrangement with Fixderma India for premium skincare products in Africa, giving it products that competitors cannot easily replicate. - **The India-Africa corridor is already built** - the division handles procurement, logistics, customs clearance and banking documentation across the trade route, so adding new products or entering new African markets does not require building infrastructure from scratch. - **India distribution is the next step** - as the company’s own hospital network in Maharashtra grows, it plans to tap the domestic Indian pharmaceutical distribution market using the same capabilities. ## 4. Medical value travel: the original business that fills beds with international patients **An end-to-end concierge service that brings patients from Africa and Asia to India for advanced treatment - and is being reshaped to route patients into the company’s own hospitals instead of third-party facilities.** - **It began as a bridge to Indian hospitals** - the division built a network of over 50 leading tertiary care hospitals in India and managed the international division of a major Pune hospital for nearly a decade, handling everything from visa assistance to post-treatment follow-up. - **Airline partnerships lowered the travel barrier** - programmes with Ethiopian Airlines and Myanmar Airways International offered discounted airfares and coordinated treatment schedules, making the journey affordable and logistically simple for patients. - **The strategy is shifting inward** - the company’s goal is to create an internal network where a patient treated at a UMC hospital in Africa can be referred for advanced care to a UMC hospital in India, keeping the margin within the group rather than passing it to a partner hospital. # Group structure and partners **A parent company in Mumbai with subsidiary hospitals in Uganda, Tanzania and India, plus a Mauritian holding vehicle for African investment - and a share-swap underway to turn the Ugandan flagship into an almost wholly owned subsidiary.** - **Uganda is the crown jewel** - Victoria Hospital Limited, which owns the Kampala flagship, was historically a 50% joint venture; a share-swap approved in mid-2026 will lift the company’s stake to 99.81%, consolidating control of the group’s largest revenue-generating asset. - **Nigeria has been exited** - the company increased its stake in the Nigerian joint venture to 51% in late 2024 but subsequently wound down operations in the country. - **A Mauritian holding company channels African investment** - Unihealth Holdings Limited, incorporated in 2024 as a wholly owned subsidiary, is designed to spearhead investments across the continent. - **The pharmaceutical export arm is wholly owned** - Unihealth Pharmaceuticals Private Limited handles the distribution of medicines and consumables, giving the parent full control over the supply chain.