Leading eye-care chain Dr Agarwal‘s Healthcare Ltd. (DAHCL) has raised Rs 270-crore investment from Temasek, a global investment company headquartered in Singapore. The sovereign fund has taken a minority stake.
The investment will be used to expand the Indian geographical footprint of the international eye-care chain, and acquire latest technology for super specialty eye care, said Amar Agarwal, Chairman, Dr Agarwal’s Group of Eye Hospitals.
The hospital is looking at expanding the number of hospitals to 150 in the next five years from the current 75 now.
Temasek is a global investor anchored in Asia, with India accounting for around 400 of its $235 billion portfolio as of March 31, 2018. Besides, funding from the investor would help in corporate governance and sourcing technologies, including AI, said Adi Agarwal, CEO, Dr Agarwal’s Group of Eye Hospitals.
Temasek‘s healthcare portfolio in India includes investments in Medanta MediCity, Manipal Hospitals and HealthCare Global.
Agarwal said the chain is aiming to add between 50-75 hospitals to its network over the next 3-5 years, with major focus on metro cities and 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 the company's growth, and it will be investing more in cutting edge technology such as SMILE, FemtoLaser and Robotic Cataract Surgery across its centers.
ADV Partners invested Rs 270 crore in Dr Agarwal’s in 2016 and has been a key component of the company’s growth story.
Dr Agarwal's expects to increase its revenue to Rs 1,500 crore in the next five years from the current Rs 500 crore.