MUrgency Group (pronounced as “emergency”) a holding company for multiple businesses based out of India, UAE and USA entered into definitive share purchase agreements with a set of investors in Ziqitza Health Care Limited, the leading private sector company in emergency medical response and transportation (Life Support Ambulance Service) sector in India, with a clear path to shareholder majority.
Post the conclusion of the transaction, documentation and necessary approvals, MUrgency Group (www.murgency.com) will be taking both board and management control of Ziqitza Health Care Limited (zhl.org.in). Mr. Shaffi Mather will be taking over as the non-executive chairman and Ms. Sweta Mangal as the group chief executive officer of the combined MUrgency – Ziqitza Group. There are no immediate changes expected in the current management team in Ziqitza, a readout issued by the MUrgency Group said Wednesday.
The world’s and USA’s largest emergency medical response and life support ambulance service company, Global Medical Response Inc., USA, owned 100.00% by KKR, USA, continues to remain an investor and 10.71% stakeholder in Ziqitza Health Care Limited at this time.
Following completion of these transactions, MUrgency Group will through Ziqitza Health Care Limited have a pan Indian presence in emergency medical response and transportation (Life Support Ambulance Service) sector with operations in 28 states in India with 3600+ ambulances and 12000+ employees with a medical transport operation of 15000+ patients every day. Ziqitza has till date transported 50 million+ patients. Presently, Ziqitza operates ambulances in India and UAE. Ziqitza is also positioning to grow its services across the six GCC nations (Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and UAE) in the next few years.
“This announcement marks a significant step for both MUrgency Group and Ziqitza towards delivering on their respective strategy to continue to grow the emergency medical response and transportation vertical in Asia. Saving lives is fundamental to the survival of human race. And the MUrgency – Ziqitza combine will save more lives by strengthening the emergency medical response and transportation both in India and abroad,” said Mr. Shaffi Mather, Founder of MUrgency and Ziqitza.
Acumen Fund Inc., USA, a global social impact venture fund, is the major seller in this round. Acumen had invested in Ziqitza Health Care Limited both in Series A and Series B rounds of the Company. HDFC, IDFC First Bank and founders of True North Private Equity (in their personal capacity) are also sellers in this round.
“Acumen is happy to be selling our stake to MUrgency Group led by Mr. Shaffi Mather to take this important work forward,” said Ms. Carlyle Singer, President of Acumen Fund. “Mr. Mather shares our commitment to integrity, sustainability and the communities that Ziqitza has been serving,” she added.
SD &Associates, Mumbai, were the legal Advisors to MUrgency Group and ANB Legal, Mumbai, were the legal advisors for the financing arrangements to the transaction.
MUrgency Group is founded by Mr. Shaffi Mather and is backed by leading investors is playing the role of the idea generator, incubator, accelerator, growth hacker, organization builder and corporate office for various businesses in business incubation, acceleration, airport assistance services, quaternary medical care, reproductive & fertility medicine, e-commerce and fintech in India, UAE, and USA.
MUrgency Group’s investors include Mr. Ratan Tata (TATA), Mr. Kris Gopalakrishnan, Mr. S D Shibulal & Mr. Srinath Batni (ex-Infosys), Mr. Rishad Premji (WIPRO), Mr. Thierry Porte (JC Flowers & Co), Mr. Vish Narain (ex TPG Growth), Prof. Tarun Khanna (Harvard Business School) and by the promoters of Group Meeran, Triveni Engineering Limited, Jet Synthesys, WellnessForever, LifeSupporters, Kasamar Holdings, ANI Holdings, ADS Holdings, Relander Family Office, Axilor Ventures, Theoria Capital, Thekkekara Family Investment Trust, Mayalakkara Family Office, Albutain Family Office, Khanapurkar Family Office, Anand Gujadhur Family Office, Pandhare Family Office, Sarkar Family Office, Founding Minds LLP, Add Advisors, Singhvi & Mehta Family Office, Impact Investment Partners LLC, Mr. Sriram Rajagopalan and Ms. Bipasha Mukherjee.
MUrgency Group is also backed by three of the world’s leading emergency medical transportation and life support ambulance service companies from USA & Europe.
Ziqitza Healthcare Ltd.
Ziqitza Health Care Limited was founded in 2002 by Mr. Shaffi Mather after his mother faced a medical emergency in his hometown, Cochin, and his family had to transport her to the hospital in the back of the car. Sitting outside the ICU where his mother was admitted, he asked the question why India did not have emergency medical response and transportation service or life support ambulance services as in the developed countries. Mr. Mather who was then working in Reliance Industries Limited went on a British Chevening Gurukul Fellowship at the London School of Economics & Political Science with support from Mr. Mukesh Ambani, Chairman, Reliance Industries Limited, volunteered extensively in London Ambulance Service studying how a professionally run ambulance service is operated, convinced London Ambulance Service to enter into a MOU with him to start the service in Mumbai, came back to Mumbai and launched the service in Mumbai in 2004 with 2 Advanced Life Support Ambulances. Ziqitza’s first ALS Ambulance was based out of Sir H N Reliance Foundation Hospital when the service was launched. The then yellow and green ambulances in Mumbai transformed emergency medical response, transportation and life support ambulance service in India forever serving the nation and saving lives in critical times including during the unfortunate 7/11 Mumbai train stations terror attack, the 26/11 Mumbai terror attack, and the COVID-19 pandemic.
Acumen Fund Inc., USA, a leading global social impact venture fund, is the major seller in this round. Acumen is a social impact venture fund who invests in early-stage companies whose products and services addresses social gaps through financially self-sustainable business models to enable the poor to transform their lives and access services which are otherwise inaccessible to them. Acumen also supports their investee companies with the tools, networks, technical assistance, and strategic guidance needed to succeed and scale into long-term solutions addressing issues faced by the lower economic strata of the society.