ASG Eye Hospitals raises Rs 308 cr from Foundation Holdings

Healthcare chain ASG Eye Hospitals on Wednesday said it has raised Rs 308 crore in a funding round led by Foundation Holdings, for business expansion, including acquisitions.

The 14-year-old company runs 33 hospitals in 13 states in the country. Details on the valuation were not immediately clear.

The healthcare and education-focused investor Foundation Holdings and consumer-businesses focused Symphony International "have entered into a transaction with the company and its promoters" for the investment, an official statement said.

"Our focus is to invest in market segments that are underserved and where our investment can result in a social impact while providing economic returns," Foundation Holdings' managing director Aakash Sachdev said.

ASG Hospitals has a scalable clinic delivery model, socially diverse patient mix, focus on quality and incredible growth profile, he added.

This investment will allow ASG Hospitals to pursue organic and inorganic expansion strategies to facilitate the consolidation of the highly fragmented eye healthcare services sector, a USD 4.4 billion opportunity in India alone, he added.

"Foundation Holdings passion, operational approach and focus on healthcare delivery makes them the ideal partner for the next phase of growth for ASG Hospitals," Arun Singhvi, the chairman and managing director, said.