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Bangalore-based Modern Family Doctor Pvt. Ltd., which runs a 25 primary healthcare clinics and pharmacies in Bangalore and Pune, has secured a second round of investment of Rs. 24 crore ($4 million) from Bamboo Finance, with participation by existing investor Saama Capital.

“The lack of good primary healthcare is very apparent in India because hospital outpatient departments are flooded with patients, 70% of whose needs are primary in nature but they have no other option,” said Naresh Malhotra, CEO and founder of MFD. “Going to a hospital means travel, time, inconvenience, exposure to infections and higher expense.”

The former CEO of the Café Coffee Day chain, Malhotra was an operating partner at Sequoia Capital India. MFD, which received $2 million in a first round from Saama Capital, plans to use the funds to expand to more than 100 clinics. “Bamboo Finance was created to support commercially viable businesses that provide access to essential products and services to underserved communities and MFD fits perfectly with our fund’s mission,” said Bamboo chief investment officer Eric Berkowitz. Nishith Desai Associates was MFD’s legal counsel for the deal.

source: http: //www.indiawest.com / IndiaWest / Home> News> Business / by Richard Springer, Staff Reporter / April 05th, 2014