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Dr Agarwal’s Health Care raises over 1,000 cr funding from TPG Growth, Temasek

The investment round will provide capital for the company’s expansion plans and pave the way for an exit for existing investor, ADV Partners

FPJ Web Desk | Updated on: Tuesday, May 10, 2022, 04:50 PM IST

Prof (Dr) Amar Agarwal, Chairman, Dr Agarwal's Group of Eye Hospitals, said the new investments will be used to expand its Indian and international footprint  |
Prof (Dr) Amar Agarwal, Chairman, Dr Agarwal's Group of Eye Hospitals, said the new investments will be used to expand its Indian and international footprint |
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Chennai-based Dr Agarwal’s Health Care Ltd. (DAHCL) has closed a fundraise of Rs 1,050 crore from TPG Growth, and from existing investor Temasek.

The investment round, which is India’s largest fundraise in the eyecare space, will also provide significant capital to fuel the company’s expansion plans and pave the way for an exit for existing investor, ADV Partners, it said in a press statement.

The company also raised Rs 270 crores investment from Temasek in 2019.

Prof. (Dr.) Amar Agarwal, Chairman, Dr. Agarwal’s Group of Eye Hospitals, said, “The new investments will be used to expand our Indian and international footprint and deploy latest technologies for super-specialty eyecare.”

Dr. Agarwal’s Group of Eye Hospitals plans to deploy capital to expand the current network of 105 hospitals to over 200 hospitals in the next 3-4 years. The company notched a revenue of over Rs 700 crores in FY22.

Dr. Adil Agarwal, CEO, Dr. Agarwal’s Group of Eye Hospitals, said, “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.”

Investors' speak

Ankur Thadani, MD, TPG Growth, said, "The healthcare sector in India is a core focus for TPG, and we are proud to be partnering with the number one private eyecare chain in the country to continue delivering critical eyecare to a market that has a disproportionately high incidence of visual impairment.”

Suresh Prabhala, Co-Founder and Managing Partner, ADV Partners, said, “We have had a great partnership with Dr. Agarwal’s Group of Eye Hospitals over the past six years. We feel the Group is well-poised to take advantage of the tremendous growth potential in the future.”

Veda Corporate Advisors and Avendus Capital were the Financial Advisors to the company for this transaction.

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Published on: Tuesday, May 10, 2022, 04:50 PM IST