Chennai-based Dr. Agarwal’s Health Care Ltd. (DAHCL) has closed a landmark fund raise of ₹1050 crore from TPG Growth, the middle market and growth equity platform of alternative asset firm TPG-one of the leading investment firms based out of the US,and from existing investor Temasek, a global investment company headquartered in Singapore. The investment round, which is India’s largest fund raise in the eye care 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. The company also raised ₹270 crores investment from Temasek in 2019.
Said Prof. (Dr.) Amar Agarwal, Chairman, Dr. Agarwal’s Group of Eye Hospitals: “We have had a great journey with our investor, ADV Partners, over the past 6 years. We are very excited to partner with TPG Growth and Temasek and look forward to the next phase of growth of our company. Backing from such world-renowned marquee investors further strengthens our ideology of providing quality eyecare to the people and bringing advanced technology to far-reaching corners of the country. 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 has been on a growth spree across the country, with more than 60 units added to its network in the past five years alone. It 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 ₹700 crores in FY22.
Said Ankur Thadani, Managing Director, TPG Growth: “Dr. Agarwal’s Group of Eye Hospitals shows immense potential for growth and has a great future ahead. We are impressed with the quality of its leadership team, the scale of its ambitions and its commitment to medical excellence. India is a very important focus area for us, and we are glad to play our part in propelling the growth of this iconic eyecare chain.”
Said Suresh Prabhala, Co-Founder and Managing Partner, ADV Partners: “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 and we wish the management and the Group continued success.”
Added Dr. Adil Agarwal, CEO, Dr. Agarwal’s Group of Eye Hospitals: “We have had a tremendous journey together with ADV Partners and are grateful for their firm belief in our vision. We are very excited to partner with Temasek once again and are looking forward to a new journey with the TPG Growth team. Both these groups bring significant experience in healthcare, and we are excited to lean on their expertise to help scale our firm. 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. We have an existing network presence of 15 hospitals, and we will be deepening our presence in countries such as Kenya, Mozambique, Tanzania, and Ghana”
Veda Corporate Advisors and Avendus Capital were the Financial Advisors to the company for this transaction.
Dr. Agarwal’s Eye Hospitals now has a total network presence of 105 hospitals spread across India and Africa. The Group’s presence spans across 11 countries and over 12 states in India. Its facilities are staffed by a team of over 400 ophthalmologists and 3000 employees. They have treated over 12 million patients so far and offer not only quality eyecare, but also academic and research programs in ophthalmology and related fields.
About Dr Agarwal’s Group
Dr. Agarwal’s Group of Eye Hospitals started as a single facility in Chennai in the year 1957. The group is led by Chairman Prof. (Dr.) Amar Agarwal. He is a pioneer in the field of eyecare, known for several ground-breaking surgical innovations such as Glued IOL, PDEK and PhakoNit.
The group offers a complete gamut of eye care services such as Cataract, Laser correction, Vitreo-Retinal Surgery, Corneal transplantation, Glaucoma and Squint at its centers. In addition to this, super-specialty eye care services such as Pediatric ophthalmology, Ocular Oncology, Neuro ophthalmology, Uvea and Oculoplasty are also offered at its tertiary hubs.