Chennai, May 11 (PTI) Eye care provider Dr Agarwal’s Health Care has raised funds of Rs 1,050 crore from investment firms – Texas Pacific Group, USA, and Temasek, Singapore, said a top official on Wednesday.
The funds would be to help Agarwal’s Health Care fuel expansion plan and also pave the way for ADV Partners, the existing investor, to exit.
Agarwal Health Care Ltd aims to double the current network of 105 hospitals to over 200 hospitals in the next three to four years, a press release said. Veda Corporate Advisors and Avendus Capital were the financial advisors to the company for this transaction.
According to the eye care provider chairman and professor Amar Agarwal, the fund raised from Temasek was second after it received Rs 270 crore in 2019.
“We are very excited to partner with TPG Growth and Temasek and look forward to the next phase of growth of our company. We have had a great journey with our investor ADV Partners over the past six years,” he said.
“The new investments will be used to expand our Indian and international footprint and deploy latest technologies for super-specialty eye care,” he said.
In financial year 2022, the eye care provider clocked a revenue of Rs 700 crore and the last five years saw it adding over 60 units to its network.
According to CEO of Dr Agarwal’s Group of Eye Hospitals Dr Adil Agarwal, the new investments would enable the company double the network in the next three years and take up acquisitions in Maharashtra, Gujarat, Punjab, Karnataka, Andhra Pradesh, and Telangana.
On the international presence, he said, “We will be deepening our presence in 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,” MD of TPG Growth Ankur Thadani said.
ADV Partners’ Co-founder and Managing Partner Suresh Prabhala, on the exit from the group, 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 and we wish the management and the Group continued success,” he said. PTI VIJ VIJ NVG NVG
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