Healthcare firm Grand Rounds secures USD 175 Million Investment led by Carlyle Group
Washington: Carlyle Group Inc CG.O said on Wednesday that it led a group of investors making a $175 million investment in Grand Rounds Inc, a digital healthcare company.
The investment comes amid a surge in demand for telehealth services as coronavirus stay-at-home orders and social distancing guidelines forced doctors and patients to avoid in-person visits.
San Francisco-based Grand Rounds provides a digital platform that allows customers' employees to access healthcare for complex or urgent care conditions from physicians around the country. Founded in 2011, Grand Rounds is used by more than 6 million workers at Walmart, Home Depot, Salesforce and other firms. The company has raised $270 million from investors since its inception.
Read also: Carlyle Group to acquire 20pc stake in Piramal Pharma for Rs 3700 crore
"When someone needs care, they may just go to any doctor they know, which can be more expensive than necessary," said Robert Schmidt, a Carlyle healthcare principal. "With Grand Rounds' proprietary algorithms and database of high-quality physicians you can find the best doctor closest to you, which can lead to significantly better healthcare outcomes."
Carlyle provided $160 million out of the total new financing, with Grand Rounds valued at $1.34 billion. Carlyle's investment in Grand Rounds was made out of the $18.5 billion Carlyle Partners VII.
Read also: Carlyle Group sells 1.24pc stake in Metropolis Healthcare for Rs 84 crore, makes complete exit
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