In the largest-ever fundraising in the Indian eye care space, Chennai-based Dr Agarwal’s Health Care Ltd (DAHCL) announced an equity fundraise of ₹1,050 crore from global alternative asset firm TPG Growth and the Singapore government’s private equity firm, Temasek. 

Dr Agarwal’s had raised ₹270 crore from Temasek in 2019. The current round of funding saw the exit of existing investor ADV Partners.

“We have had a great journey with our investor, ADV Partners, over the past six years. We are very excited to partner with TPG Growth and Temasek and look forward to the next phase of growth of our company,” Amar Agarwal, Chairman, Dr Agarwal’s Group of Eye Hospitals. 

“Currently, we have 105 hospitals, out of which 15 are in Africa while the remaining are in India. Our plan is to increase it to 200 hospitals in the next 2-3 years, adding 2-3 eye hospitals every month. This will be a combination of brownfield and greenfield,” Agarwal told BusinessLine

2020 Eyecare clinics

He also added that the company will be adding 500 Agarwal’s eye care clinics under the brand name 2020 Eyecare across the country, focusing on small cities and towns. 

“We already have optical stores in all the 105 hospitals. So, when we grow to 200 hospitals and add 500 eyecare clinics, we will collectively have 700 optical stores also under the group,” Agarwal said. 

On expansion plans, Agarwal said, 45-50 of the 200 new hospitals will be in Africa, while the eyecare group will also look out for opportunities in new geographies. 

Established as a single facility in 1957, Dr Agarwal’s Group of Eye Hospitals is spread across 11 countries and 12 states in India. It has over 400 ophthalmologists and 3,000 employees and has treated over 12 million patients. In FY22, the company recorded a revenue of over Rs. 700 crore. 

“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, Andhra Pradesh and Telangana,” said Adil Agarwal, CEO, Dr Agarwal’s Group of Eye Hospitals.

He also added that in Africa, the eyecare group will deepen its presence in countries such as Kenya, Mozambique, Tanzania and Ghana. 

“We are delighted to be working with Dr Agarwal’s Group of Eye Hospitals’ exceptional and experienced management team to drive the company’s growth, expansion and service enhancements,” Ankur Thadani, MD, TPG Growth, was quoted in a press statement.

Avendus Capital advised Dr Agarwal’s Health Care Ltd., on the transaction, along with Veda Corporate Advisors.