ESG Commitment

Leadership Commitment: Message from Managing Partner “We invest responsibly by embedding ESG into our investment decisions, governance practices, and value creation approach to build sustainable businesses and deliver long-term value.” Somerset Indus firmly believes that Environmental, Social and Governance (ESG) considerations are integral to responsible investing. Integrating ESG factors across the investment lifecycle enables us to identify and manage risks, uncover opportunities, and drive sustainable value creation for our portfolio companies, their employees, investors, the environment, and society at large.
Our ESG approach is guided by our Environmental and Social (E&S) Policy and implemented through our Environmental and Social Management System (ESMS), which provides a structured framework for integrating ESG principles into our investment processes and portfolio management.
Read our E&S Policy
STRATEGY:

Responsible Investing

OUTCOME:

ESG Policy, E&S Management System, Screening & due diligence

COMMUNICATION:

Transparency

DISCLOSURE:

Clear ESG Reporting

GOVERNANCE:

Accountability

PRACTICE:

Board & ESG Oversight

ENGAGEMENT:

Portfolio Active Engagement

ACTION:

Monitoring & ESG Plans

Building a Sustainable Future

Creating Impact for a Better Tomorrow

Approach

We integrate Environmental, Social, and Governance (ESG) principles across our investment lifecycle to drive sustainable, long-term value creation.

ESG INTEGRATION AT OUR FIRM

Deal
Identification

Screen investments and identify ESG risks and opportunities.

Due
Diligence

Conduct ESG due diligence in alignment with ESG reference frameworks and develop E&S Action Plan 

Deal Execution &
Agreement

Integrate ESG findings into investment decisions and legal documentation.

Investment
Monitoring

Monitor ESG performance
and ESAP implementation.

Investment
Exit

Evaluate ESG performance and value creation achieved during the investment period

Building a Lasting Impact

Investing in growth that delivers lasting value

Capital for Change

We invest where healthcare is hardest to reach. Since 2011, Somerset has deployed growth equity into Indian healthcare companies serving Tier II and III cities, where hospital beds, diagnostics, devices, and essential medicines remain scarce. Our conviction is simple: impact and returns are strongest when aligned.

0 Million

Lives impacted directly and
indirectly across the portfolio

0

DALYs (healthy life years) averted for heart attack patients

USD 0 Million

Assets under management across three funds

0 Million

Funded since 2011 across five healthcare sub-sectors

0 +

Direct and indirect jobs supported, 54% held by women

Impact Across the Portfolio — FY 2024–25

Healthcare Delivery

Our partner hospitals bridge healthcare gaps in Tier 2/3 cities, bringing essential and critical care to underserved, high-need populations — including women, older adults, and first-time patients.

0 Million

Patients served through OPD and IPD, 82% from Tier 2/3 cities

0 Hospitals

DALYs (healthy life years) averted for heart attack patients

%

Assets under management across three funds

%

Ayushman Bharat patients, contributing 48% of revenue

Additional metrics in the full Impact & Sustainability Report.

Diagnostics

Our diagnostics investment built one of India’s largest pan-India radiology and pathology networks, combining a hub-and-spoke model with public–private partnerships that make advanced testing free at government facilities.
0 Million

Patients served in FY25

0 Facilities

Across 18 states/UTs and 150+ districts

-90%

Below private market rates; free testing under NHM programmes

-9 Million

Images interpreted annually via India’s first NABH-accredited tele-radiology hub (24×7)

Additional metrics in the full Impact & Sustainability Report.

MedTech

Our MedTech companies keep India’s healthcare infrastructure running — servicing and refurbishing equipment, distributing devices, and manufacturing renal-care consumables — with a deliberate focus on government facilities and aspirational districts
0

Healthcare facilities served, 69% in Tier 2/3 cities, 56% government and public facilities

0 %

Of India’s aspirational districts covered (103 of 112)

Million

Devices serviced, alongside 992 new devices sold

%

Device uptime; ventilators repaired within 4–5 hours under the BEMP public-hospital programme

Additional metrics in the full Impact & Sustainability Report.

Pharmaceuticals

Our pharma portfolio spans the full value chain — complex APIs, formulations, and sustainable packaging — strengthening domestic manufacturing while supplying affordable, certified medicines to India and low- and middle-income countries.
0

Types of medicines produced; 110.3 MT of APIs supplied

0 Countries

LMICs reached across Asia, Africa, and Latin America

-98%

Lower pricing than competitor brands in LMIC markets

%

FDA, WHO GMP, EU GMP, and CDSCO certified products

Additional metrics in the full Impact & Sustainability Report.

Improved Health Outcomes

Measuring in Healthy Life Years

This year we moved beyond output counting to outcome measurement, starting with Acute Myocardial Infarction (AMI). Heart attack is a leading cause of death and disability in India: cardiovascular disease causes over 25% of deaths among adults aged 30–69, and timely cardiac care remains limited in Tier 2/3 cities. DALYs (Disability-Adjusted Life Years) measure healthy years of life lost to premature death or disability. By comparing outcomes with hospital care against the likely outcome without treatment, we quantify the healthy life years our hospitals preserved.
0

AMI patients treated with rapid, high-quality cardiac care

0 %

Average in-hospital mortality rate across the network

DALYs averted — over 22,000 healthy life years preserved

By providing specialised cardiac care closer to home, our hospitals address a critical gap where untreated AMI otherwise leads to severe mortality and long-term complications. Full methodology, assumptions, and limitations are published in the report annexures.

Theory of change

How targeted interventions translate into scalable impact and sustainable outcomes
CHALLENGES

Doctor / Specialist
Shortage

Low Health insurance
coverage

Lack of access to facilities

High out of pocket costs

Inadequate emergency
care

Poor Infrastructure

Lack of hygiene
awareness and product
penetration

ENTRY POINTS

Strengthen CHCs / PHCs /
HWCs

Community healthcare
workers – ASHA / ANMs

Public – Private partnerships –
hospitals, diagnostics
expansion

Government schemes
integration – PMJAY,
Ayushman Bharat

Insurance expansion and
penetration – missing
middle

Digital & tech leverage

KEY STRATEGY AREAS - INTERVENTIONS

Somerset’s Key Interventions

Funding expansion in Tier II – III India

Supporting e-pharmacy, last mile drug delivery and generics

Partner with Health BNPL, micro-insurance and health wallets

Facilitate workforce skilling and job creation

Enable PPP Collaborations

Drive ESG – Impact Metrics 

OUTCOMES
SHORT TERM
O1

Higher rural insurance coverage

O2

More specialists At public centers

O3

Better healthcare access

INTERMEDIATE
O1

Improved diagnostics access

O2

Increase in number of trained health workforce

LONG TERM
O1

Rural-urban health parity

O2

Reduced disease and mortality

O2

Improved Doctor - population ratio

The Problem

India's Missing Middle

Our Solution

Investing Across the Ecosystem

How We Measure Impact

Case Studies

Globela CS2
Krsnaa CS 2
Apex CS
Krsnaa CS

Affiliations

Investing Across the Ecosystem

Read the Full Report

Explore the strategies, stories, and systems behind these results — sector deep dives, case studies, and our full impact methodology.

Download: Somerset Impact & Sustainability Report

Making an Impact

Dr Sneha
globela5 (1)
krsnaa3 (1)
Globela
image 1
printmann
IMG-20210416-WA0026
globela
132631827_107952511205102_5016642791120738921_n
ICU

Grievance Redressal

E&S related Grievances may be submitted via: 
Email: info@somersetinduscap.com | Written communication to 1501, 15th Floor, Lodha Supremus, Dr. Elijah Moses Rd, Near Worli Naka, Upper Worli, Mumbai – 400018 | Contact us: https://somersetinduscap.com/contact/ Upon receipt, the Grievance Officer (Risk & Compliance Manager) acknowledges the complaint within 5 business days. The Fund aims to resolve grievances within 10–15 business days, subject to internal processes and Fund documentation. If unresolved, grievances may be escalated to the Compliance Manager (GRO) email, then to the Chief Financial Officer (CFO) ztrivedi@somersetinduscap.com, and finally to the Principal Officer msirdesai@somersetinduscap.com for a binding decision. Each level is reviewed independently, with response timelines of 7–10 business days.

Grievance Redressal Mechanism

The Problem — India's Missing Middle

Despite rapid growth in India’s healthcare market, access remains highly uneven. Tier II and III cities face critical shortages of hospital infrastructure, skilled professionals, and diagnostic services:

  • Hospital bed density is just 3 per 1,000 — less than half the global average — with 2.4 million more beds needed over the next 15 years.
  • 400 million Indians — the “missing middle” — lack health insurance, caught between the public safety net and premium private care: too affluent for government schemes, yet unable to afford high-end urban services.
  • Outside metros, India faces acute shortages of cardiologists, oncologists, orthopedic surgeons, and pediatricians — and heart attack patients are on average 10 years younger than in high-income countries.

Without targeted investment, these regions will keep lagging in tertiary, specialty, and preventive care, deepening health inequities.

Our Solution- Investing Across the Ecosystem

Our Impact Framework is structured around the Impact Management Project’s three dimensions:

  • What. Enabling improved diagnosis, treatment, and overall health outcomes in India and other emerging markets.
  • Who. Underserved populations: Tier II and III cities, rural communities, below-poverty-line households, and women.
  • How much. The scale and depth of improvement across hospitals, diagnostics, devices, and medicines — from patients treated and tests conducted to devices deployed and medicines dispensed.
STEP 1
Hospitals

Care infrastructure in Tier II / III cities

STEP 2 Diagnostics

Timely, accurate disease detection

STEP 3 Pharmaceuticals

Timely, accurate disease detection

STEP 4
MedTech

Devices & servicing that keep facilities running

  • Hospitals. Multi-specialty facilities in Tier II and III cities provide core infrastructure — primary through advanced tertiary care — anchoring integrated health services in underserved regions.
  • Diagnostics. Networks serving hospitals and patients directly improve disease detection, reduce hospital burden, and enable better clinical decision-making.
  • Pharmaceuticals & biotechnology. India imports 80% of its API requirements. Investments in domestic API and specialty drug production secure supply of essential medicines and reduce vulnerability.
  • MedTech. Modern devices, equipment servicing, and technology keep hospitals and diagnostic centres operating effectively and at scale.
  • Investing across this end-to-end ecosystem builds resilient, high-quality healthcare infrastructure, reduces urban–rural disparities, and unlocks significant social and economic

How We Measure Impact

Somerset invests across the full healthcare value chain, because no single intervention closes the gap alone. Hospitals need diagnostics; diagnostics need reliable devices; and everything depends on a steady supply of medicines.

Every investment is assessed against five impact pillars:

Accessibility
Affordability
Quality
Innovation
Job Creation

Impact is embedded at every stage of the investment lifecycle through three dedicated tools:

  • Impact Screening (deal identification). Red flags disqualify deals with critical issues; amber flags trigger Investment Committee review; a green list scores impact potential from light to dark green.
  • Impact Baseline & Assessment (due diligence). Evaluates accessibility, affordability, quality, scalability, and governance; sets baselines and an action plan with measurable targets.
  • Covenants & Reporting Templates (execution to exit). Impact covenants in shareholder agreements, standard reporting templates, and targets aligned at portfolio and fund level over 5–10 years.


This year we initiated DALY (Disability-Adjusted Life Year) and GHG calculations, measuring investments not just by returns but by tangible social and environmental outcomes.

External Grievance

Grievances may be submitted through multiple channels, including email, written communication, or through the Fund’s website.
Mode of Communication
Grievances may be submitted through the following channels:
Receipt and resolution of grievance

Grievance Officer (GRO), Risk and Compliance Manager will act as the primary point of contact for all the grievances received via email or written communication. Upon receipt, each grievance will be formally acknowledged within 5 business days. Concerned party will be notified via email.

At the initial stage, the GRO – Compliance Manager will review the grievance, categorize it (for instance, Investment, finance, operational, or E&S-related), and initiate an investigation where necessary. The Fund aims to resolve grievances within 10–15 business days at this stage subject to internal process and the terms of Fund Documents.

Escalations
If the complainant is not satisfied with the outcome or does not receive a response within the stipulated timeline, the grievance may be escalated. The first escalation will be handled by the Compliance Manager (GRO) at [email id]17, who will reassess the grievance and the actions taken.
 
If the issue remains unresolved, it may be escalated to the second escalation level, i.e., the Compliance Officer (CFO) at ztrivedi@somersetinduscap.com, who will independently review the matter and aim to provide a resolution within 7–10 business days.
 
In the event that the grievance is still not resolved, a third and final escalation may be made to the Principal Officer at msirdesai@somersetinduscap.com. The Principal Officer will conduct a final review and issue a decision within 7–10 business days, which shall be considered final and binding within the Fund’s internal grievance redressal framework.
 
At each stage of the process, the concerned party will be notified via email regarding the progress, findings, and resolution.