Can Private Capital SAVE India's Healthcare System? | Ft. Nitish Agrawal

India’s healthcare system cannot survive without private funding.

In this episode of The Healthcare Tribe, we speak with Nitish Agrawal, Managing Director at Indium Capital Advisors, to understand why private capital is not optional—but essential—for the future of Indian healthcare.

Healthcare is one of the most complex businesses in the world. It is more complicated than airlines, more regulated than tech, and far more capital-intensive than most industries. From hospitals and diagnostics to medtech and healthcare financing, every layer of this ecosystem depends on long-term capital, disciplined execution, and the ability to scale responsibly.

In this conversation, we break down how healthcare businesses are actually built, funded, and sustained in India.

In this episode, we discuss:
Why government-only healthcare models struggle to scale
The real role of private capital in hospitals and diagnostics
How private equity and investment banking shape healthcare outcomes
Why healthcare is more complex than airlines or technology businesses
Whether Indian healthcare can survive without investors
The future of healthcare funding in India

This episode is especially relevant for:
• Doctors planning to start hospitals or clinics
• Healthcare founders and operators
• Investors and private equity professionals
• Policymakers and healthcare enthusiasts

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Chapters (for easy navigation):

00:00 Teaser
01:41 Welcome & Intro
05:05 What investment banking really does
09:40 Fundraising vs mergers & acquisitions explained
14:30 When founders should raise capital
18:45 Why valuation in healthcare is not a science
23:10 When companies choose to sell vs grow
27:40 The real role of investment bankers in deals
32:20 Why win-win deals outperform win-lose
36:10 Why hospitals need private capital to expand
40:30 Why diagnostics struggle to scale
45:10 How private equity evaluates healthcare businesses
50:00 Why healthcare is attractive to long-term investors
54:40 Medtech in India: challenges & opportunities
59:20 Make in India, R&D and medical innovation
1:03:50 Why healthcare will collapse without private capital
1:08:30 Government vs private healthcare realities
1:13:10 The future of healthcare funding in India
1:16:10 Final thoughts on survival & scale

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