January 13, 2022

Impact Investor ABC World Asia Takes US$15M Stake in Healthcare At Home India, A Leading Out-Of-Hospital Care Provider Operating In Over 65 Cities In India

13 January 2022, Singapore – ABC World Asia (“ABC”), Singapore’s impact-focused private equity fund, has invested approximately US$15 million for a stake in healthcare services provider Healthcare At Home India (“HCAH”) in its Series B round. Backed by the Burman family, founders of leading multinational consumer goods conglomerate Dabur Ltd, HCAH was founded in 2012 and provides an expansive suite of personalised and professional healthcare services at home to patients across India. These services range from home ICU, long-term nursing care, and most recently, COVID-related care. The company has over 1,500 employees delivering quality out-of-hospital care that enables patients to recover in the comfort of their homes, while relieving the burden on healthcare infrastructure in the country. HCAH also partners pharmaceutical companies to offer large scale chronic disease screening programs and patient support services to enhance disease management and efficacy of treatment. In 2021, over 1 million patients benefited from HCAH’s clinical care services.

The investment in HCAH is in line with United Nations Sustainable Development Goal (SDG) 3, “Good Health and Well-Being”. Objectives under this SDG include achieving universal health coverage through better access to quality essential healthcare services and reducing morbidity and mortality from non-communicable diseases through prevention and treatment.

Sugandhi Matta, Chief Impact Officer at ABC, said, “By providing high quality out-of-hospital care at home, HCAH contributes to improving the quality and access of health services for patients by ensuring the continuum of care while easing the burden on the existing healthcare system. The positive impact it creates on both an individual and systemic level closely aligns with ABC’s key investment theme of ensuring better healthcare for all.  The COVID-19 pandemic has further highlighted the need to augment the conventional hospital-centric healthcare model with convenient and clinically focused care at home. We look forward to supporting HCAH as it continues on its mission to enhance access and quality of healthcare in India.”

Vivek Srivastava, Co-Founder and CEO, HCAH said, “The out-of-hospital care model is seeing accelerated uptake as countries are leveraging it to ensure alternate care delivery systems with benefits of delivering best in class health outcomes at lower cost, customized care and resource optimization through the adoption of physical and virtual care with digital tools.  This investment from ABC is crucial for HCAH to grow the out-of-hospital care segment in the country. The investment will be used to open 1,000-1,500 beds in transition care and long term care catering to physical rehabilitation and recovery. We would also be investing in technology and data capabilities to improve efficiency, build scale and develop better products especially in chronic disease management. We are delighted to have ABC on board as their impact focus closely aligns with our objective of creating social impact by increasing affordability and access to healthcare.”

Gaurav Burman, Managing Partner, Burman Family Holdings, said, “The total out-of-hospital care addressable market in India is estimated at US$35 billion and is forecasted to grow to US$85 billion by 2025. We founded HCAH nearly a decade ago to address this opportunity and remain confident that HCAH is the best team with the best platform in India to address this opportunity. We are delighted that ABC has joined us as partners and investors in HCAH, we shall look forward to benefiting from their expertise and guidance.”

Driven by increasing healthcare expenditure, an ageing population and better insurance coverage, the Indian out-of-hospital care market is poised to experience high growth. In addition to easing the chronic disease burden and reducing hospital readmission and hospital-acquired infections, out-of-hospital care offers a systemic relief to the overburdened healthcare system, which has been further strained by the recent COVID epidemic.

This is ABC’s second investment in the healthcare sector. In 2021, the private equity fund invested in Kim Dental, a leading dental care provider in Vietnam that is improving access to quality oral healthcare in the country. With the COVID-19 pandemic disrupting essential health services in many countries, investments that support and reinforce healthcare infrastructure to improve health outcomes play a critical role in ensuring the continued well-being of communities around the world.

END

For ABC World Asia media queries, please contact media@abcworld.com.sg

About ABC World Asia
ABC World Asia is a Singapore-headquartered and Asia-focused private equity fund dedicated to impact investing. We invest in companies that drive positive change by addressing the world’s most pressing challenges such as climate change, resource scarcity, and deepening inequality. Our investment themes include financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and liveable cities.

We believe that investing with an impact lens demonstrates the positive power of private capital and can help to foster more innovative and resilient companies that deliver societal and environmental benefits. We are a disciplined investor with a rigorous and evidence-based impact assessment approach that aims to generate positive and measurable social or environmental outcomes, alongside a compelling risk-adjusted return for our investors.

Our investment themes are aligned with the ABC Framework for an Active Economy, a Beautiful Society, and a Clean Earth. The ABC Framework was established by Singapore investment company Temasek and builds on the ideals of the 17 Sustainable Development Goals set by the United Nations.

Our inaugural S$405 million fund includes investors such as Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, Sembcorp Industries, and Singapore Power.

Visit www.abcworld.com.sg for more information.

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Ryan Liew Bing En

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Goh Yew Lin

Goh Yew Lin

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Mr Goh Yew Lin is Chief Executive Officer of G. K. Goh Holdings Pte Ltd, an investment company with substantial assets in aged care in Australia and Singapore, alongside venture capital and private equity. He is Chairman of Xora Innovation, a Temasek-owned venture builder, and a Director of Temasek Trust. He was Chairman of Seviora Holdings, Temasek’s asset management arm, until September 2025, and served as a non-executive Director of Temasek Holdings from 2005 to 2018.

Mr Goh is also a board member of A*STAR (the Agency for Science, Technology and Research) and Chairman of the Governing Board of Duke-NUS Medical School. He holds a degree from the Wharton School, University of Pennsylvania.

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David Heng

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As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

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Desmond Kuek

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Mr Desmond Kuek is Executive Director and Chief Executive Officer of Temasek Trust, the philanthropic arm of Temasek, a role he has held since January 2023. He was previously Divisional Vice Chairman, Global Wealth Management at UBS AG (2019 to 2022), where he headed Sustainable Finance for Asia Pacific, and President and Group CEO of SMRT Corporation (2012 to 2018). Earlier in his career he served nearly three decades in the Singapore public service and Singapore Armed Forces, including as Permanent Secretary of the Ministry of the Environment and Water Resources, Chief of Defence Force, and Chief of Army.

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Chan Wai Ching

Chan Wai Ching

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Ms Chan Wai Ching is Chief Corporate Officer of Temasek International and a member of its Strategy, Portfolio and Risk Committee and Senior Management Committee. She heads Temasek’s Organisation & People function and is a Director of Temasek Trust. She joined the board of Seviora Holdings, Temasek’s asset management group, in September 2025. Ms Chan joined Temasek in June 2006, following an extensive human resources career at Fullerton Financial Holdings, Citibank, Singapore Technologies, United Overseas Bank and Overseas Union Bank. She holds a Bachelor of Business Administration from the National University of Singapore and completed the Advanced Management Programme at Harvard Business School in 2012.

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Margaret Lui

Margaret Lui

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Ms Margaret Lui is an experienced investment professional in direct investments, asset management and private equity. She was Chief Executive Officer of Azalea Investment Management, a wholly owned subsidiary of Temasek, from its founding in 2015 until her retirement on 31 March 2025; under her leadership, Azalea grew to manage around US$11 billion in assets and developed its two flagship platforms, the Astrea Private Equity Bonds and the Altrium PE Funds. She remains an Adviser to Azalea and sits on the Investment Committees of its Altrium funds.

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David Heng

David Heng

Chief Executive Officer

As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

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Tan Shao Ming

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Mr Tan Shao Ming leads a diverse team of impact-oriented investment professionals in building a portfolio that generates impact alongside compelling, market-rate risk-adjusted returns across Asia.

He brings over 20 years of institutional investing experience across a range of styles and strategies. At Temasek, he worked on acquiring controlling and minority positions in Asian banks in the aftermath of the 1997 Asian financial crisis. He later focused on special situations and structured credit at Citadel Investment Group in Hong Kong, covering China, Taiwan and Southeast Asia, and led Southeast Asian mid-market investing at Citi Private Equity.

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Sugandhi Matta

Sugandhi Matta

Chief Impact Officer

As Chief Impact Officer, Ms Sugandhi Matta leads ABC Impact’s approach to assessing, measuring and driving impact outcomes across its portfolio, and also invests for the firm across South and Southeast Asia. She brings over 20 years of investing experience in the region, having previously been Director of Investment at LeapFrog Investments, a billion-dollar impact fund focused on financial inclusion, and before that focused on Southeast Asian mid-market private equity at Actis. She began her investing career as a member of Temasek Holdings’ Financial Services team.

Ms Matta sits on the boards of several portfolio companies across India and the UK, and has also held board directorships in Thailand and Indonesia. She holds an MBA from the Indian Institute of Management, Bangalore, and a Bachelor of Engineering from Maharaja Sayaji Rao University, Baroda.

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Eugene Huang

Eugene Huang

Chief Strategy Officer

Mr Eugene Huang was previously Managing Director, Investments at Temasek, where over a 12-year tenure based in Singapore, Beijing and Shenzhen he invested and exited over US$5 billion of capital globally across industries such as software, e-commerce, social media, education and consumer. He was most recently responsible for Temasek’s technology and consumer investments in China and head of its Shenzhen office.

Mr Huang began his career as an investment banker with Merrill Lynch & Co. (now Bank of America) in New York and Hong Kong. He graduated summa cum laude from New York University’s Stern School of Business.

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Charina Chan

Charina Chan

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Ms Charina Chan is Chief People Officer of ABC Impact, a role she holds concurrently with Chief People Officer of Temasek Foundation Ltd and Head of Organisation, Human Resources and Administration at Temasek Trust Ltd. She was previously part of Temasek International’s Organisation & People team, where she led the Non-Executive Talent portfolio, covering board governance and the management of an extended talent network for Temasek and its portfolio companies. Earlier in her career she worked at Fullerton Financial Holdings, a wholly owned subsidiary of Temasek Holdings.

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Koh Boon San

Koh Boon San

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Mr Koh Boon San is responsible for finance, risk, compliance and operations at ABC Impact. He brings more than 20 years of experience across fund management, finance and the corporate sector.

Before joining ABC Impact, Mr Koh headed the business management team at HSBC Securities Services, covering trustee, fund administration and custody services, and spent 10 years at Fullerton Fund Management heading various finance, risk and compliance functions. He began his career at Pricewaterhouse before joining Temasek Holdings’ finance department.

Mr Koh holds a Bachelor in Accounting (Second Class Honours, Upper Division) from Nanyang Technological University and is a member of the Institute of Singapore Chartered Accountants.

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Jeffrey Fang

Jeffrey Fang

Head of Investor Relations and Communications

Mr Jeffrey Fang leads Investor Relations at ABC Impact, responsible for capital raising, investor engagement and external communications across global markets.

Earlier in his career, Mr Fang held roles across corporate development, operations and financial communications. He was Director of Strategic and Public Affairs at Temasek, managing global M&A communications, media relations, and crisis and issues management. He subsequently built a portfolio as an angel investor and venture operator, alongside his own advisory practice, before joining Temasek Trust Asset Management.

Mr Fang serves on the boards of Kim Dental, the Home Nursing Foundation, and several venture-backed companies. He holds an MA in International Relations and Affairs from the Fletcher School of Law and Diplomacy at Tufts University and a BA in Mass Communication from RMIT University.

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Climate
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We back companies improving the productivity, sustainability, and resilience of Asia's food systems — including precision agriculture, alternative proteins, and solutions that reduce waste across the supply chain.
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We invest in technology-enabled businesses expanding access to financial services for underserved individuals and micro-enterprises across Asia, including digital lending, insurance, and payments infrastructure.
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