Eye hospital chain raises Rs 270 cr funding from Temasek

City-based Dr Agarwal’s Healthcare Ltd (DAHCL) has raised Rs 270 cr investment from Temasek, a global investment company headquartered in Singapore. The investment will be used to expand the geographical footprint of the international eye care chain in India, along with significant investments in new technology for super specialty eyecare.

Temasek is a global investor anchored in Asia, with India accounting for around 4% of its $235 billion portfolio as at 31 March 2018. Temasek’s healthcare portfolio in India includes investments in Medanta MediCity, Manipal Hospitals and HealthCare Global.

“Temasek’s expertise and support will help our company expand our network of clinics and operations to better meet the growing demand for affordable and quality eye care across India,” said Dr Amar Agarwal, Chairman, Dr Agarwal’s Group of Eye Hospitals.

Dr Adil Agarwal, CEO, Dr Agarwal’s Group of Eye Hospitals said “We are looking at adding anywhere between 50-75 hospitals to our network over the next 3-5 years with a major focus on metro cities as well as tier 2 and tier 3 towns. The expansion will be done through a mix of strategic partnerships, acquisitions and greenfield hospitals. Innovation and technology will continue to be at the forefront of our growth, and we will be investing more in cutting edge technology such as SMILE, femtolaser and robotic cataract surgery across our centres.”

Veda Corporate Advisors, a leading mid-market investment bank advised the Company on the transaction. Veda also advised the Company on its previous round of investment from ADV Partners.

“This investment will strengthen the company’s leadership position in India’s eye-care ecosystem” said Suresh Prabhala, Co-founder, ADV Partners. ADV Partners invested Rs 270 cr in Dr Agarwal’s HealthCare Ltd in 2016 and has been a key component of the company’s board and growth story.