The platform will target a wide range of out of hospital care services mainly in India and Africa.

India's Manipal Education and Medical Group on Monday announced a partnership with CDC Group Plc, a development finance institution owned by the British government, to invest an initial Rs 500 crore in diagnostic, home healthcare and other out-of-hospital care services.

The platform will target a wide range of out of hospital care services/companies mainly in India and Africa. Companies in the molecular diagnostic space in India and infectious diseases investigations in Africa have already been identified for investment by the partnership, an official statement said.

"The companies we're looking to back will be heavily reliant on new technology to improve quality of service and access. High-quality care, fair pricing and patient convenience -- these are Manipal's core principles and will drive our investment thesis," Manipal Education and Medical Group CEO Ranjan Pai said.

"CDC is committed to supporting the growth of the healthcare sector in India because of the jobs created and the innovations that can improve access and bring higher quality care for all patients," Srini Nagarajan, CDC's Head of South Asia, said.

Manipal and CDC plan to invest more in this space in the future. "We will provide long-term finance to the next generation of businesses that can help transform healthcare services beyond the hospital space," Nagarajan said.

The partnership's primary focus will be on building scale through acquisitions and will back entrenched market players and strong management teams. The platform will support firms that are currently constrained to grow beyond a certain level due to management and financial limitations.