PE-backed women and child-focussed healthcare chain Motherhood Hospital is looking to double its neonatal intensive care unit (NICU) capacity in the next two years.

The Asia Healthcare Holdings (AHH), the holding company of the hospital chain, which operates 23 hospitals in 11 cities, is planning to scale up with some buyouts, its Executive Chairman Vishal Bali told ET.

Motherhood, according to him, has added 300 NICU beds over the last three years. The hospital chain launched NICU Live – a remote patient monitoring model – in April this year, bringing the total number of beds to 500. “We are now the largest neonatology network in the country.”

Motherhood has had two acquisitions over the past year – Femiint in Bengaluru and Chaitanya in the Tricity region of Mohali and Chandigarh. All of the acquisitions were funded with resources at hand and were immediately accretive, said Bali.

The hospital chain is targeting a revenue of around Rs 750 crore in fiscal year 2023-24. The hospital is estimated to have ended the last fiscal year with about Rs 450 crore in revenues.

Bali was earlier the CEO of Wockhardt Hospitals, and of Fortis Healthcare after the former sold 10 of its hospitals to the latter.

AHH, the chairman said, was exclusively focused on building single specialty hospital chains, rather than multi-speciality. “We have found that focusing on a single specialty is much more profitable in terms of scalability. Also, we are able to provide higher domain expertise and clinical distinction than a multi-speciality hospital,” said Bali. The group is looking to explore more specialties like Gastroenterology, Pathology diagnostics and Urology, he added. Right now, the group owns Nova IVF fertility centre, with 62 units in 42 cities, along with Motherhood.The AHH is backed by the private equity fund TPG Growth and Singapore’s sovereign wealth fund GIC. TPG Growth has a 55% stake in the company, while GIC owns 45%.