Project Prana
A physician-led medical value travel and specialist-surgery platform in North India, seeking growth capital to resume international travel, renew its overseas hospital agreements and scale its overseas programmes.
01 — Executive Summary
A doctor-led network that turns specialist skill into an exportable service
Project Prana connects patients with a panel of senior surgeons and partner hospitals, and wraps each clinical episode in the services that make it workable across borders: case assessment, a fixed quotation, visa support, arrival logistics, interpretation and post-treatment follow-up. The Company owns no hospital. It sells access to doctors and a managed patient journey, which keeps the model light and lets it add new markets by adding agreements rather than buildings.
The business serves two flows. Patients from overseas are referred to partner hospitals in North India for treatment, and visiting specialist teams have run outpatient clinics and surgeries inside partner hospitals abroad. The Company has not travelled abroad in the last nine months because of a funding shortfall; patient flow and revenue have nonetheless continued. Orthopaedic-spine and neurosurgical procedures drive the surgical activity, alongside a smaller advanced-therapy programme. The Company was incorporated in 2014 and is held by two promoter-directors, with no subsidiaries, overseas entities or affiliate structures.
The Company is seeking a minority equity investment. Capital would be used to resume international travel, renew existing hospital agreements, enrol patients for overseas OPD and IPD programmes and obtain the necessary approvals, including the legal, licensing and banking steps needed in each overseas market. These programmes then carry the bulk of the growth plan.
02 — Investment Highlights
Five reasons the platform deserves a closer look
Each highlight below rests on audited statements, management accounts or the Company's own documents, and is stated with its source basis. Together they describe a small company with a repeatable service, an international footprint already in place and a clear route to scale.
Growth with profit in every audited year
Revenue from operations rose from ₹67.6 L in FY22 to ₹1.86 Cr in FY26 (provisional). PBT was positive in each of FY23, FY24 and FY25, and reported EBITDA reached ₹21.7 L (13.0%) in FY25.
Patient flow and revenue sustained without overseas travel
The Company has not travelled abroad for nine months because of a funding shortfall, yet it continues to receive patients from Iraq (Kurdistan Region), Zambia and Kenya through its earlier hospital and doctor relationships. Management reports business exceeding ₹1.10 Cr over the period (unaudited). Approximately 26 patients are associated with the Company's existing activities, per its patient enrolment details, and 11 surgical patients were treated in April–September 2026.
Doctor network with aligned incentives
Specialists are empanelled as independent consultants under a standard agreement covering confidentiality, IP assignment, non-solicitation and notice. The engagement model gives each doctor exclusivity within their field for international OPDs and IPDs, and a 20–25% uplift on domestic surgeon fees for every international surgery.
Realised ticket size is at or above the plan
April–September 2026 revenue divided by the 11 patients reported works out at about ₹10.0 L per patient, against the ₹9.0 L ticket the projections assume for patients treated in India. Overseas programmes are only 15% of FY27 projected revenue, so the near-term plan does not depend on them.
Asset-light, with operating leverage and legal steps sequenced ahead of scale
The Company owns no hospital and holds only computers and furniture. Fixed costs are 9.0% of FY27 projected revenue and fall to 2.3% by FY31 as volumes grow. Local counsel, doctor approvals, visas and registration are costed line by line in the projections, so the legal groundwork is budgeted before the overseas ramp-up begins.
03 — Business Overview
Three service lines on one doctor network
The Company has operated since 2014 and today runs three connected service lines. All three draw on the same panel of empanelled specialists and the same patient-coordination team, so a new patient source in one line usually strengthens the others.
1 · Medical value travel into India
Overseas hospitals refer patients with their reports. The Company's doctors assess each case, issue a fixed quotation, arrange the visa invitation and run the stay: airport pickup, accommodation, interpreter, treatment scheduling and a return handover.
- Surgery at partner hospitals in North India
- Progress updates to the referring hospital every 4 working days
2 · Overseas OPD and IPD programmes
Specialist teams have travelled to partner hospitals abroad for scheduled consultation and surgery weeks, with complex cases referred to India. Overseas travel has been paused for nine months for lack of funds and is to resume with the investment. Orthopaedic-spine and neurosurgery lead.
- Doctors use the Company's prescription format
- Online consultations between visits
3 · Advanced-therapy programmes
A smaller line covering cerebral palsy, autism, diabetes, motor neurone disease and Duchenne muscular dystrophy, supported by in-house therapy protocols and follow-up.
- Delivered through partner centres
The breadth of specialties on the panel is wider than the revenue mix, which gives room to add lines without recruiting a new network.
| Item | Position |
|---|---|
| Owned immovable property | None; the Company operates from rented premises |
| Fixed assets | Computers, peripherals and furniture only |
| Domestic hospital partners | Three partner hospitals in North India |
| Overseas hospital tie-ups | Earlier arrangements in Zambia and Iraq (Kurdistan Region); formal renewals pending (see below) |
| Subsidiaries / overseas entities | None to date |
| Doctors | Empanelled independent consultants under a standard agreement |
The inbound journey below is the working protocol the Company follows for patients referred by overseas hospitals. It is designed so that the referring hospital and the patient know the plan, price and timing before anyone travels.
The second flow is how the Company opens and runs an overseas programme. Its early steps are legal and regulatory by design, which is why the agreements and approvals described next come before any clinic week is scheduled.
- Local legal counsel engagedTo prepare and review the hospital agreement and complete country documentation.
- Doctor working approvalsCredentials and certificates of the visiting specialists filed with the local authority, with counsel following up.
- Registration and licensing of the CompanyRegistration in the overseas market so that business transactions can run through banks.
- Local bankingA reputable local bank account identified and opened for payments.
- Renewal of agreements and financial shareExisting agreements renewed, or new ones signed, with commercial terms and revenue share agreed between the Company and each hospital.
- Programme launchOnline promotion, patient registration and the first clinic week follow once approvals are in place.
Process descriptions follow the Company's working protocols and management presentation. The doctor agreement covers India-based consultants; overseas hospital agreements are of a different type and are described here as management's stated position.
04 — Market & Opportunity
Patients who need advanced surgery are underserved close to home
The Company sits between two groups. Hospitals in emerging markets often lack specialist surgeons for complex spine, neuro and orthopaedic cases, and Indian surgeons can treat these cases at a lower price than developed-market centres. The Company's role is to make that match reliable, safe and affordable for the patient, and profitable for the hospitals and doctors involved.
Capacity gaps abroad
Management sees sustained demand from countries whose healthcare facilities are still developing, where complex cases are referred outward.
Price advantage
The price of treatment in India compares favourably with developed countries, which supports referral by hospitals and self-referral by patients.
Reputation of Indian doctors
Rising international recognition of Indian surgeons and strong demand for effective advanced procedures support referrals.
Enablers
Simplified e-visa processes, interest from international hospitals in working together, and growing demand for medical supplies and implants add further routes to revenue.
Management has set out a three-phase roadmap that adds markets only after the earlier ones are formalised. Each phase has a defined window, so investors can track delivery against it.
- Phase I · about 8 monthsFocus on Iraq (Kurdistan Region) and Zambia: resumption of overseas travel, renewal of existing agreements, working approvals for all doctors, registration and licensing, bank regularisation, start of OPD and IPD at associated hospitals. Kenya, which already sends patients, is assessed for a formal programme.
- Phase II · about 12 monthsThree markets including Kenya; more empanelled surgeons; export of medical devices, implants and medicines; an operations office in North India; research on Oman and Ghana.
- Phase III · about 12 monthsFive markets including Oman and Ghana; liver transplant and bone marrow transplant capability; a digital patient platform; research on CIS countries.
05 — Business Model & Economics
High-ticket, episodic revenue with a clear cost structure
The Company earns a package fee for each treatment episode and pays doctors, referral partners and hospitals out of it. Because each case is worth a lot and the number of cases is modest, revenue arrives in lumps, but each repeat referral costs little to win once a hospital relationship is established.
Package fee per patient
Priced as an all-in package covering treatment, stay, doctor fees and interpretation. The plan assumes ₹9.0 L (US$10,000) per surgical patient.
OPD and surgical fees
Consultation fees and surgical billing at partner hospitals abroad, shared with the hospital. The plan assumes US$50 per OPD and US$8,500 per surgical case.
Protocol-based fees
Fixed-protocol programmes for chronic conditions, with follow-up consultations. The plan assumes US$100 per non-surgical protocol case and US$210 per physiotherapy case.
The table below shows the main pricing and cost assumptions that sit under the projections in Section 07, so a reader can test them against their own view.
| Item | Assumption |
|---|---|
| India-treated surgical patient (revenue) | US$10,000 per patient (₹9.0 L) |
| India-treated patient: treatment / stay / surgeon fee | US$3,300 / US$2,500 (about 10 days) / US$500 per patient |
| Interpreter or channel fee | Variable, per arrangement; detail to be shared in the Confidential Information Summary under NDA |
| Overseas OPD / surgical case (revenue) | US$50 per OPD / US$8,500 per case |
| Overseas hospital referral share | 30% on IPD, 50% on OPD |
| Cover doctor charges | 10.5% of net revenue |
| Legal, visas and doctor approvals | Visa US$600 per visit; approval US$4,000 per doctor per year in the model. Management's current estimate is about US$5,000 per doctor per year, subject to verification |
| Bad-debt provision | 0.25% of gross revenue |
The same economics show up in the audited accounts. Total direct expenses were ₹92.9 L in FY25, equal to 55.6% of revenue. A line-by-line breakdown, including referral and agency-related costs, will be provided in the Confidential Information Summary under NDA and reconciled to the audited accounts.
International and domestic revenue follow management's own classification. Average revenue per patient divides H1 FY27 revenue by the 11 patients reported for the same period.
Some patients reach the Company through healthcare agencies that act as intermediaries and are paid a referral commission when a patient proceeds to surgery or another procedure. This is a variable cost that scales with volume rather than a fixed overhead. Agency-level figures are withheld from this teaser and will be provided under NDA.
06 — Competitive Positioning
Competing with destinations and agents, not with hospitals
A patient or referring hospital has several alternatives: treat locally, send the patient to a competing medical-travel destination, or use a facilitation agency. The Company positions itself as a doctor-led option, where the people who assess the case are the surgeons who will treat it, and where one party manages the whole journey.
Where it sits in the value chain
The Company is the coordinating layer between the referring hospital, the treating surgeon, the partner hospital and the patient's logistics. It does not own beds, which keeps capital needs low.
What supports its position
An empanelled specialist panel, exclusivity terms for doctors within their field, written protocols for referral and travel, and follow-up with the patient's home doctor after treatment. Management states a significant treatment success rate; this will be supported by case data in diligence.
Management's own assessment of strengths, weaknesses, opportunities and threats follows. It is supplemented with points drawn from the financial statements, and management-stated claims are marked as such.
Strengths
- Group of reputed and highly experienced doctors and surgeons
- Established overseas OPD and IPD experience, with patients still arriving from Iraq (Kurdistan Region), Zambia and Kenya
- Advanced and combined treatment options for hard-to-treat conditions
- Affordable package pricing with post-treatment follow-up
- Significant treatment success rate (management statement)
- Asset-light model, no owned hospital or property
Weaknesses
- Small panel of doctors relative to the growth plan
- Limited financial resources; borrowings of ₹1.68 Cr are high against current turnover and profit
- International working approvals are hard to obtain, take time and cost about US$5,000 per doctor per year (management estimate)
- No overseas travel for nine months and some agreements not renewed, owing to a funding shortfall
- Thin profit after interest in the audited years
- Revenue is concentrated in a small number of high-ticket cases
Opportunities
- Demand from countries with underdeveloped healthcare facilities
- Large price gap against developed-country treatment
- High demand for effective advanced procedures
- Simplified e-visa process and growing interest from overseas hospitals
- Rising reputation of Indian doctors and surgeons
- Export of medical devices, implants and medicines
Threats
- Strong competition from Thailand, Malaysia and Singapore
- Unprofessional intermediaries harming quality and trust
- Patient misinformation and false-hope selling in the sector
- Limited government support for medical tourism; no uniform pricing or accreditation across hospitals
- Geopolitical instability in the Middle East
07 — Financial Snapshot
Profitable and growing from a small base, with a plan to scale
The Company has grown revenue every year since FY22 and has stayed profitable at the PBT level through FY25, although interest on borrowings absorbs most of its operating profit. The table shows audited FY23 to FY25 and provisional FY26, followed by the balance sheet position and the management projections.
| Particulars | FY23 | FY24 | FY25 | FY26 (P) |
|---|---|---|---|---|
| Revenue from operations | 127.4 | 141.5 | 167.2 | 186.1 |
| Growth | 88.4% | 11.1% | 18.1% | 11.3% |
| Other income | 7.8 | 0.0 | — | — |
| PBT | 1.2 | 1.3 | 3.1 | — |
| PBT margin | 0.9% | 0.9% | 1.9% | — |
| Add: depreciation | 0.9 | 0.6 | 0.3 | 0.3 |
| Add: finance cost | 15.1 | 13.8 | 18.4 | 25.6 |
| Reported EBITDA | 17.1 | 15.6 | 21.7 | — |
| EBITDA margin | 13.4% | 11.0% | 13.0% | — |
Balance sheet, 31 March 2026 (provisional)
Borrowings are spread across seven bank and NBFC facilities, with no repayment default reported in the audits.
EBITDA is derived as PBT plus depreciation plus finance cost. FY23 EBITDA includes other income of ₹7.8 L and is stated after an exceptional donation of ₹1.8 L. No managerial remuneration was paid to the promoters, so no remuneration adjustment is made. FY26 profit measures will be presented once the accounts are finalised.
- Revenue has almost trebled since FY22, from ₹67.6 L to ₹186.1 L, a 28.8% CAGR over four years and 13.5% over the last three.
- Reported EBITDA improved from 11.0% in FY24 to 13.0% in FY25 as revenue grew faster than overhead.
- Receivables and advances to service providers together were about 66% of FY25 revenue, so cash collection and advance recovery are items for buyers to review.
Revenue is lumpy month to month because each surgical case carries a large ticket.
These are management accounts and are unaudited.
The projections build up patient volumes, price points and cost ratios market by market, and show the Company moving from a single-digit crore revenue base toward ₹45 Cr by FY32. The chart shows projected net revenue against the provisional FY26 base.
Net revenue is projected to compound at about 69% a year from FY27 to FY32, with EBITDA margin widening from 22% to 42% as fixed costs are spread over larger volumes and the mix moves to overseas surgical programmes. Every projected year is EBITDA-positive. The next table gives the full set of projected figures.
| Particulars | FY27E | FY28E | FY29E | FY30E | FY31E | FY32E |
|---|---|---|---|---|---|---|
| Net revenue | 3.27 | 5.60 | 11.96 | 17.72 | 35.93 | 44.93 |
| Growth | 76% | 71% | 113% | 48% | 103% | 25% |
| Overseas share of revenue | 15% | 39% | 66% | 75% | 84% | 84% |
| EBITDA | 0.72 | 1.20 | 3.97 | 6.69 | 15.23 | 19.04 |
| EBITDA margin | 22.0% | 21.4% | 33.2% | 37.8% | 42.4% | 42.4% |
| PAT (25% tax assumed) | 0.37 | 0.90 | 2.97 | 5.01 | 11.39 | 14.10 |
Why management is confident
Each year is the product of patient numbers, price per case and a stated cost ratio, not a share of a market. April–September 2026 delivered a ticket size at or above the plan's assumption, the near-term revenue sits mainly on India-treated patients, and the overseas ramp starts only after the legal steps in Section 03.
Where the numbers are deliberately narrow
The projections model only India, Iraq (Kurdistan Region) and Zambia. The planned markets in Phases II and III and the planned export of devices, implants and medicines are not included in these figures.
08 — Management & Organisation
A founder-led core team backed by an empanelled specialist panel
The Company is run by two promoter-directors with a small core team, and clinical delivery rests on independent consultants engaged under a standard agreement. The structure is lean by design: doctors are paid per case and the Company carries little fixed payroll.
| Role | Background | Position |
|---|---|---|
| Director and medical lead | Physician with over 22 years of experience in internal medicine and critical care | Founding member; holds 55% of equity |
| Director | Qualified in travel and tourism | Founding member per management; holds 45% of equity |
| Chief operating officer | Molecular biologist with a management qualification | Founding member; operations |
| Chief medical adviser | Physician and haematologist | Advisory; not a founder |
| Clinical nutrition adviser | Clinical dietician | Advisory |
Governance is simple: the board has two directors, who are also the only shareholders. The statutory auditor has reported adequate internal financial controls, no pending litigation affecting the Company's financial position, and no material fraud in the audited years.
Organisation depth
Payroll is very small, so most activity is delivered through the empanelled consultants and outsourced logistics partners. Doctors are engaged principal-to-principal, renew annually and can be terminated by either side on one month's notice.
Protections in the doctor agreement
Confidentiality during the term and six months after, assignment of intellectual property to the Company, a two-year non-solicitation period, India-wide non-compete during the restraint period, and indemnity for medical advice.
09 — M&A Proposition
A minority investment to formalise the overseas platform and fund scale
The Company is offering a minority stake to an investor who wants exposure to medical value travel at an early stage, with a defined first tranche and a committed second tranche priced at a discount to the valuation prevailing at that time. The structure is meant to reward an investor for backing the business before the overseas programmes are fully running.
The proposed investment will support the Company's strategic expansion of its medical tourism operations and international healthcare network through the following key initiatives.
1 · International Market Expansion
Entry into new geographies, including Kenya, Oman, Ghana and CIS markets, alongside strengthening existing operations in Kurdistan and Zambia, including resuming international travel and renewing existing agreements.
2 · Doctor Network & Clinical Capabilities
Empanelment of specialist doctors and surgeons, expansion of international OPD/IPD services, including enrolment of patients, and development of advanced treatment capabilities.
3 · Marketing & Patient Acquisition
Multilingual digital marketing, international patient outreach, local referral networks and medical awareness programmes.
4 · Medical Supplies Export Business
Establishment and expansion of international distribution channels for medicines, medical implants and medical devices.
5 · Infrastructure, Human Resources & Regulatory Compliance
Delhi office setup, recruitment of skilled personnel, local legal support, and country-specific registrations, licences and doctor approvals.
6 · Digital Healthcare & Patient Support
Development of an integrated patient platform covering online consultations, pre-treatment coordination, travel logistics and post-treatment follow-up.
Patient relationships are intact and the groundwork is costed, but overseas travel and agreement renewals have been held back by a lack of funds. Capital now lets the Company resume international travel, renew existing agreements, enrol patients for OPD and IPD programmes and complete approvals, registration and banking in the order planned, without relying on further borrowing.
Management is looking for healthcare-focused growth investors, family offices and strategic partners from the hospital, medical-travel or medical-supply sectors who can add introductions to hospitals and referral networks as well as capital.
- Resume international travel, renew existing agreements and complete approvals and licensing in Iraq (Kurdistan Region) and Zambia so that overseas OPD and IPD programmes can run; assess Kenya for a formal programme.
- Operating leverage: fixed costs fall from 9.0% of projected revenue in FY27 to 2.3% in FY31.
- Retire existing borrowings of ₹1.68 Cr; the projections assume term debt is repaid after the first tranche.
- Add markets in Phases II and III and an export line for devices, implants and medicines, none of which is in the base case.
10 — Risks & Mitigants
What a buyer should weigh, and where the Company stands today
The Company has a young international business and thin balance sheet, and the risks below are the ones most likely to affect price, structure and timing. Each is shown alongside what exists today and what remains open.
Overseas agreements and approvals
Earlier agreements in Iraq (Kurdistan Region) and Zambia have not all been renewed, no overseas entity or branch is registered, and doctor working approvals (about US$5,000 per doctor per year, management estimate) and banking are still to be completed. The Company has not travelled abroad for nine months because of a funding shortfall.Position
Patients continue to arrive from Iraq (Kurdistan Region), Zambia and Kenya through earlier relationships, and the business has continued to grow. Renewals, approvals, visas and registration are the first phase of the plan and are costed in the projections; overseas revenue is only 15% of FY27 projected revenue. Open: the status of each agreement, the approval costs and supporting documents will be verified in diligence.Delivery of the projections
The plan needs revenue to grow about 69% a year from FY27 to FY32. FY27 projected revenue is ₹3.27 Cr against ₹1.10 Cr in the first half.Position
The build-up is bottom-up and the H1 ticket size is at or above the plan. The second tranche is priced at the prevailing valuation less 20%, which ties later capital to progress. Open: the projections are management forecasts and are not independently reviewed.Leverage and thin equity
Borrowings of ₹1.68 Cr are high against revenue and profit, and the statutory auditor has commented on this in FY24 and FY25.Position
No repayment default is reported, cash and bank balances were ₹61.4 L, and the plan assumes the term debt is retired after the first tranche. Open: facility terms and covenants.Dependence on referral intermediaries
Some patients are referred by healthcare agencies that act as intermediaries and are paid a referral commission when a patient proceeds to surgery or another procedure.Position
Fees are variable and modelled explicitly. Open: agency terms, referral-related payments and concentration by source will be reviewed in diligence.Doctor network and key person
Doctors are independent consultants, the medical lead anchors the network, and the panel is small relative to the plan.Position
A standard agreement covers confidentiality, IP, non-solicit and non-compete, and the plan includes recruiting more surgeons. Open: the agreement template will be updated and reviewed by counsel.Working capital and payment channels
Receivables and advances to service providers were about 66% of FY25 revenue, and patients pay through several currencies and channels, including cash and foreign currency.Position
Audited receivables were all under six months. Registration and local banking in overseas markets are part of Phase I so that payments move through banks. Open: ageing and collection history.Geopolitical and sector risk
Part of the plan relies on the Middle East, where conditions can change quickly, and on competition from established medical-travel destinations.Position
Activity is spread across India-treated patients and three overseas source markets today, with more planned. This risk cannot be removed, only diversified.11 — Process
How interested parties can take this forward
This teaser is circulated before any confidentiality agreement, so it contains no identifying details. Qualified parties who want to proceed will receive more information in stages, beginning with a short confidentiality agreement.
Contact the Adviser
Expressions of interest should be addressed to CA Dhiraj Ostwal — Transaction Advisory, who is acting exclusively for the Company on this mandate.
Please do not contact the Company, its promoters, doctors, partner hospitals or lenders directly.
- Expression of interest — confirm your interest and investor profile to the Adviser.
- Confidentiality agreement — sign the NDA to receive the Company's identity and full information.
- Confidential Information Summary and data room — financials, agreements, projection model and diligence materials.
- Management meeting and indicative offer — meet the promoters and medical lead, then submit a non-binding offer.
Disclaimer. This teaser has been prepared by the Adviser solely to help recipients decide whether to take part in the process described. It does not name the Company and is not an offer, invitation or solicitation to subscribe for or buy securities. The information comes from management and from the Company's financial statements and documents, has not been independently verified, and may be incomplete or change. Figures labelled provisional or unaudited are subject to finalisation or audit. Projections and statements about the future are management's forecasts, depend on assumptions that may not hold, and are not a guarantee of results. Neither the Adviser nor the Company gives any representation or warranty as to the accuracy or completeness of this teaser and neither accepts liability for any loss arising from its use. Recipients must make their own assessment and take their own legal, tax and financial advice. This document is strictly confidential and must not be copied or shared without the Adviser's written consent.