Chennai-based Dr Agarwal’s Health Care Ltd has secured $80m in funding from its existing investors, global alternative asset company TPG Growth and the Singapore government’s private equity firm, Temasek.
The company intends to use the funds to expand its current network of more than 150 hospitals to over 300 within the next three years. The expansion will encompass various regions, including Mumbai, Punjab, central and northern India.
DAHCL is progressing with its growth plans and achieving favourable outcomes in its primary markets, which encompass Tamil Nadu, Karnataka, Maharashtra, Gujarat, Punjab, Telangana, Andhra Pradesh, Kerala, and West Bengal. Alongside expanding its network, the company will also direct resources towards technologies for vision enhancement, such as SMILE and Laser Cataract Surgery.
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Further, DAHCL aims to invest in advanced technologies aimed at addressing conditions like diabetic retinopathy and age-related macular degeneration, which impact the vitreo-retinal region.
Shares of Dr Agarwal’s soared as much as 10.3 percent, before paring some gains to last trade up 5.1 percent.
Amar Agarwal, Chairman, Dr Agarwal’s Group of Eye Hospitals said, “Backing from investors such as TPG and Temasek, further affirms our faith in staying true to our vision of being a truly global healthcare organization which imbibes the best practices from different sectors while relying on continuous innovation and cutting-edge technology to serve our patients. The new investments will be used to expand our Indian and International footprint, along with acquiring the latest technologies for super-specialty eyecare.”
Adil Agarwal, CEO, Dr Agarwal’s Group of Eye Hospitals added, “We are looking at doubling our network in the next 3 years. We will also be establishing over 100 primary eye clinics in tier 2 and tier 3 towns in the next couple of years. Africa is another important geography for us.”
Source: Money Control
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