Healthcare & Life Sciences
VedaCorp advises Dr Agarwals Health Care and ADV Partners in INR 1,000+ Crores Series D investment by TPG and Temasek
About
Dr Agarwals
Dr Agarwals Health Care has a total network presence of 105 hospitals spread across India and Africa. They have treated over 12 million patients so far. The group offers a complete gamut of eye care services including super-specialty eye care services.
TPG Growth
TPG Growth is the middle market and growth investment platform of TPG, the global alternative asset firm. With approximately $14.7 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. The platform is backed by the resources of TPG, which has approximately $114Bn of assets under management.
Temasek
Temasek is a global investment company headquartered in Singapore that manages a USD 283 Bn portfolio as at 31 March 2021. With sustainability at the core of all Temasek does, it actively seeks sustainable solutions to address present and future challenges, as it captures investible opportunities to bring about a sustainable future for all.
ADV Partners
Established in early 2013, ADV Partners is a private equity firm with offices in Hong Kong, Singapore, Shanghai and Mumbai. ADV is one of the few private equity funds dedicated to Asia with extensive experience, deal originating capabilities and a broad and diversified skill set capable of providing solution-oriented capital on a pan-regional basis.
Background
We are pleased to announce that our client Dr Agarwals Health Care Limited (“Dr Agarwals”), the largest eye care chain in India and Africa, has raised Series D investment from leading global private equity fund TPG Growth Capital (“TPG”) and existing investor Temasek. This round also saw the exit of Series B investor, ADV Partners, who invested in the company in the year 2016.
Dr Agarwals, the most preferred destination for the eye care needs of millions across the globe, operates 100+ centres across 11 countries and 12 Indian states. The group is led by Chairman, Prof. (Dr) Amar Agarwal, a pioneer in the field of eyecare known for several ground-breaking surgical innovations and recipient of several international awards.
Veda Corporate Advisors (“VedaCorp”) was the financial advisor to the Company, its Promoters and ADV Partners on this transaction. This transaction reaffirms our leadership position in healthcare investment banking in India.
“We would like to thank Venkat, Rajan and their team at VedaCorp for helping us raise the single largest round in the domestic eye care space of over 1000 cr. Our organization is very excited to partner with the stellar teams at TPG Growth and Temasek. What is even more incredible is the timing of this deal. We were coming off a pandemic year and given the challenges in the economy the world over, the VedaCorp team worked tirelessly to deliver the best possible outcome for our firm. This is the third consecutive deal our firm has done with VedaCorp. As they say, third time’s a charm. They continue to be our trusted advisors and we are looking forward to doing many more deals with them in the years to come. We would also like to place on record about the tremendous journey together with ADV Partners and are grateful for their firm belief in our vision.”
Dr Adil Agarwal and Dr Anosh Agarwal
COO and COO - Dr Agarwals Health Care
“We are very grateful to the Agarwal family and ADV Partners for trusting VedaCorp time and again. With the backing of TPG and Temasek, the company is well poised to attain greater heights in the coming years”
C Venkatsubramanyam
Founder - Veda Corporate Advisors
“Over a decade of journey with several PE investors, Dr Agarwals has remarkably grown its business to establish itself as the largest eye care service provider across several markets by a significant margin. The investment from TPG and Temasek would kick start the next phase of growth through a combination of organic expansion and larger acquisitions.”
VP Rajan, Director
Veda Corporate Advisors