The investment round, which was India’s largest fund raise in the eyecare space, will also provide significant capital to fuel the company’s expansion plans and pave the way for an exit for the existing investor, ADV Partners. The company also raised Rs 270 crore investment from Temasek in 2019.
“We are very excited to partner with TPG Growth and Temasek and look forward to the next phase of growth of our company. Backing from such world-renowned marquee investors further strengthens our ideology of providing quality eye care to the people and bringing advanced technology to far-reaching corners of the country. The new investments will be used to expand our Indian and international footprint and deploy latest technologies for super-specialty eye care,” said Amar Agarwal, chairman, Dr Agarwal’s Group of Eye Hospitals.
Dr Agarwal’s Group of Eye Hospitals has added more than 60 units to its network in the past five years alone. It plans to deploy capital to expand the current network of 105 hospitals to over 200 hospitals in the next three to four years. The company notched a revenue of over Rs 700 crore in FY22.
“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, managing director of TPG Growth, the middle market and growth equity platform of alternative asset firm Texas Pacific Group which is one of the leading investment firms based out of the US.
Dr Agarwal’s Eye Hospitals now has a total network presence of 105 hospitals spread across India and Africa. The group’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 new investments will enable us to double our network in the next 3 years and we will be pursuing acquisitions in key markets such as Maharashtra, Gujarat, Punjab, Karnataka, AP, Telangana, etc. as well as a rapid greenfield expansion of our network across the country. Africa is another important geography for us where we have an existing network presence of 15 hospitals. We will be deepening our presence in countries such as Kenya, Mozambique, Tanzania, and Ghana,” said Adil Agarwal, chief executive officer, Dr Agarwal’s Goup of Eye Hospitals.