Dr Agarwal’s Health Care that focuses on eye treatments has raised $80 million (Rs 664 crore) from existing investors, TPG’s growth equity platform, TPG Growth and Singapore-headquartered Temasek. The company will use the funds for its expansion plans, it said in a filing.
The eyecare chain plans to deploy the amount to expand the current network of over 150 centres to over 300 centres in the next 3 years. Dr Agarwal’s Health Care has new projects under development in Mumbai, Punjab, central and northern India.
The company’s key markets are Tamil Nadu, Karnataka, Maharashtra, Gujarat, Punjab, Telangana, Andhra Pradesh, Kerala, and West Bengal.
Dr Agarwal’s will also invest in technological advancements for vision correction such as laser cataract surgery, SMILE, and technologies to treat vitreo-retinal diseases such as diabetic retinopathy and age-related macular degeneration.
Prof. (Dr.) Amar Agarwal, Chairman, Dr. Agarwal’s Group of Eye Hospitals said, “Backing from investors such as TPG and Temasek, further affirms our faith in staying true to our vision of being a truly global healthcare organization which imbibes the best practices from different sectors while relying on continuous innovation and cutting-edge technology to serve our patients. The new investments will be used to expand our Indian and International footprint, along with acquiring the latest technologies for super-specialty eyecare.”
Dr Adil Agarwal, CEO of Dr Agarwal’s Group of Eye Hospitals said that the investment will be used to support the business in the next phase of growth, including acquisition of small hospitals and chains, as well as greenfield expansion of their network. They are aiming to double their network and expand aggressively in Maharashtra, Punjab, Delhi, and Uttar Pradesh, apart from penetrating deeper in the existing markets.
“We will also be establishing over 100 primary eye clinics in tier 2 and tier 3 towns in the next couple of years. Africa is another important geography for us. We have an existing network presence of 15 hospitals, and we will be deepening our presence in Kenya, Zambia, and Tanzania and look to add 10 centres across these countries,” he added.
Ankur Thadani, Business Unit Partner in TPG Growth, said that Dr Agarwal’s has the potential to become the global leader in the eye care segment.
Led by Prof. (Dr.) Amar Agarwal, Dr. Agarwal’s Group of Eye Hospitals started as a single facility in Chennai in 1957. Dr. Agarwal’s Eye Hospitals now has a total network presence of 151 centres spread across India and Africa. The Group’s presence spans 10 countries and over 14 states in India. The company’s facilities have a team of 500 ophthalmologists and 3,500 employees. They have treated 15 million patients so far.
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