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IIFL India Private Equity Fund, a PE fund launched by IIFL Asset Management Ltd (IIFL AMC), has acquired a majority stake in Infigo Lifesciences through a structured transaction.
While IIFL India PE Fund did not disclose the quantum of stake it acquired nor the investment amount, the company said it will invest up to ₹70 crore in multiple tranches in Infigo Lifesciences. This investment is for setting up more than 20 centres following achievement pre-defined business milestones, the company said in a statement.
“India is witnessing an interesting trend with people preferring to visit branded specialty centres for their healthcare needs. In a country where most eyecare practices are individually-run and often lack protocols or standards, there is an opportunity to create a pan-India franchise of speciality eyecare centres,” Prashasta Seth, Senior Managing Partner at IIFL AMC, said.
“The current gap in demand and supply and increasing consumer preference for branded chains presents a unique opportunity,” he added.
Infigo Lifesciences, which had started with six centres – four eye care hospitals and two 3D eye clinics in Mumbai – plans to launch a chain of comprehensive specialty eyecare centres, initially in Western India.
It plans to open two eyecare hospitals in Maharashtra by August. The company also plans to open 15 centres within one year, with 10 centres in Mumbai and the remaining five spread across Maharashtra.
Infigo Lifesciences is promoted by Dr Shridhar Thakur (former COO at Vasan Eyecare) and Anil Kamath (ex-MD at Wockhardt Hospitals).
“There is a huge void for quality eyecare service at an affordable cost and IIFL’s support and guidance will help us fill this void and build an accountable institution with qualitative clinical outcomes. All our hospitals will be eyeing at NABH accreditation in immediate future,” Thakur said.
IIFL AMC launched the IIFL India PE Fund, a close-ended SEBI-registered Category II Alternative Investment Fund, in May 2018. The fund backs professional entrepreneurs at an early stage in sectors such as healthcare, technology, financial services and consumer goods.
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