Doctor-led Magnet Hospitals debuts, signs up 8 hospitals

Dinesh Madhavan, who scaled oncology verticals for Apollo Hospitals Enterprise Ltd and HealthCare Global Enterprises Ltd, on Wednesday launched a new healthcare network that aims to disrupt India’s corporate hospital model by giving doctors and nurses equity stakes in the parent company.

The Bengaluru-based venture, named Magnet Hospitals, has debuted with an initial portfolio of eight city hospitals. The platform is backed by an initial investment of ₹224 crore, funded by Madhavan as the primary investor, clinician partners, two high-net-worth individuals, and a family office.

“To me, the next three-four months would be stabilizing, consolidating current (operations). After that, there will be an expansion span from around November to the next 24 months,” Madhavan said in an interview.

Magnet plans to address the Indian healthcare sector’s chronic talent attrition by offering co-ownership and co-management to nursing staff—a first for the industry, which has traditionally limited stock options to top-tier doctors and management. The model focuses heavily on upward mobility, incorporating dedicated leadership programmes designed to transition nursing staff into chief operating officer and board-level roles.

“I want to make proof of concept in a city, which I believe I should spend time in, rather than spending time catching flights,” said Madhavan. “Once I have the proof of concept, true to its word, Magnet Hospitals should be able to attract other clinicians to join our platform,” he added.

The network is targeting facilities with 80 to 100 beds to deliver secondary and tertiary care closer to patients’ homes. Madhavan plans to double the current footprint over the next 30 to 36 months, focusing exclusively on establishing in Bengaluru before expanding into other Indian cities.

To fuel the next phase of growth, Magnet is planning to raise ₹350-400 crore more. Madhavan noted that he intends to target social-impact investors who prioritize clinical outcomes alongside financial returns.

The network currently counts 150 clinician partners, a figure it expects to double alongside its physical expansion. Three senior healthcare practitioners have already joined the board and will act as “clinical champions” across six core specialties, including orthopaedics, critical care, and neurosurgery. These leaders will be tasked with building clinical teams, setting research benchmarks, and establishing a standardized framework of care across the network.