Chennai : Dr. Agarwal’s Health Care that operates a chain of eye hospitals on Tuesday said it has raised 1050 crore funding from the US-based private equity firm TPG Growth and existing Singapore based investor Temasek.
The investment round, which is India’s largest fund raise in the eyecare space, will also provide capital to fuel the Chennai-based company’s expansion plans and pave the way for an exit for existing investor, ADV Partners.
The company had raised Rs 270 crores investment from Temasek in 2019.
The Chennai-based company said it intends to use the proceeds of the capital raise to double the current network of 105 hospitals to over 200 hospitals in the next 3-4 years.
The company said as part of expansion plan it will be pursuing acquisitions in key markets such as Maharashtra, Gujarat, Punjab, Karnataka, Andhra Pradesh, and Telangana as well as a rapid greenfield expansion of network across the country and overseas, especially in Africa where it has a network of 15 hospitals in countries such as Kenya, Mozambique, Tanzania, and Ghana.
The company reported revenues of over Rs 700 crore in FY22.
“We have had a great journey with our investor, ADV Partners, over the past 6 years. We are very excited to partner with TPG Growth and Temasek and look forward to the next phase of growth of our company," said Dr Amar Agarwal, chairman of Dr. Agarwal’s Group of Eye Hospitals.
"The new investments will be used to expand our Indian and international footprint and deploy latest technologies for super-specialty eyecare,” Agarwal added.
“The healthcare sector in India is a core focus for TPG, and we are proud to be partnering with the number one private eye care chain in the country to continue delivering critical eye care to a market that has a disproportionately high incidence of visual impairment,” said Ankur Thadani, MD of TPG Growth.
Veda Corporate Advisors and Avendus Capital were the financial Advisors to the company for this transaction.
Dr Agarwal's presence spans across 11 countries and over 12 states in India. Its facilities are staffed by a team of over 400 ophthalmologists and 3,000 employees. The chain has so far treated over 12 million patients.