Indian Eye Specialist Eyes Expansion; Raises $80 Mln From TPG, Temasek

Indian eye hospital chain Dr. Agarwal’s Health Care Ltd. raised $80 million from its existing investors TPG Growth and Singapore-based investment firm Temasek to fund its expansion plans.

“The new investments will be used to expand our Indian and international footprint, along with acquiring the latest technologies for super-specialty eyecare,” Amar Agarwal, chairman of Dr. Agarwal’s Group of Eye Hospitals, said in a statement.

The Chennai-based group is looking to invest more than 1,200 crore rupees ($144 million) to set up hospitals across India and Africa.

Dr. Agarwal’s, which started as a single facility in Chennai in 1957, now has a total network presence of 151 centers (140 hospitals and 11 eye clinics) spread across India and Africa, according to the statement.

The group, which has presence across 10 countries and over 14 states in India, plans to double its current network to 300 centers in the next three years. It has new projects in development in Mumbai, Punjab, central and northern India, among others.

Adil Agarwal, chief executive officer of Dr. Agarwal’s Group of Eye Hospitals, said the group will also look at the acquisition of small hospitals and chains as well as greenfield expansion of its network.

The company, which opened a new corporate office in Mumbai, is looking to expand aggressively in Maharashtra, Punjab, Delhi, Uttar Pradesh, and central India besides penetrating deeper into its existing markets. It also plans to establish over 100 primary eye clinics in tier 2 and tier 3 towns in the next few years.

Dr. Agarwal’s, which has an existing network presence of 15 hospitals in Africa, will also focus on deepening its presence in Kenya, Zambia, and Tanzania and look to add 10 centers across these countries.

The company will also invest in technological advancements for vision correction such as SMILE, laser cataract surgery and for advanced technologies to treat vitreo-retinal diseases such as diabetic retinopathy and age-related macular degeneration.

Veda Corporate Advisors acted as the financial advisor to Dr. Agarwal’s.

Note: $1 = 83.2494 Indian rupees

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