National

Eyecare chain Agarwal’s to raise ₹160 cr

M Somasekhar Hyderabad | Updated on January 11, 2018

Agarwal’s Eye Hospital in Chennai   -  Bijoy Ghosh

The Chennai-based Agarwal’s Eye Hospital chain will raise ₹160 crore soon to accelerate its expansion plans and achieve the target of growing to 150 hospitals, ₹1400 crore turnover and increased global presence by 2020.

This fund raising is in addition to the ₹270 crore it raised in January from ADV Capital. “We will enter Dubai, expand in Africa and get into 4 states of Maharastra, Gujarat, Kerala and West Bengal”, said Adil Agarwal, Chief Executive Officer of the group.

In June, the group will have 75 hospitals (72 with the opening of one in Hyderabad on Thursday), of which 61 will be in 8 States and 14 in 9 African countries.

“Our plan is to double this number by moving into more States and countries respectively in 3 years. The funding will be through a mix of internal accruals, private equity and debt”, he told BusinessLine.

The nearly 60 year old eye healthcare company also wants to focus on reaching out eyecare to people in tier 2 and 3 cities.

It will beef up presence in Kerala with 3 more hospitals and in Hyderabad with 10. But the next round of growth will be in smaller cities such as Nizamabad, Warangal and Khammam, Adil said.

In Andhra Pradesh, the chain will expand to Kakinada and Srikakulam. Similar growth pattern will be maintained in Karnataka and Tamil Nadu as well, with one ‘hub’ having the best and latest facilities and several smaller one’s with the necessary infrastructure and medical expertise.

The group went East recently with a facility in Kolkata. “We are also looking at the North East in the near future”, he said. Agarwal’s also runs a facility in Port Blair, Andaman Islands. , Adil added.

Currently with a turnover of around ₹400 crore and over 250 doctors on its rolls, the Agarwal’s Group wants to ramp up its scale of operations to enlist the services of over 500 doctors and support staff of around 7, 500 by 2020.

Published on May 21, 2017

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