R ARIVANANTHAM
CHENNAI, AUG 17
Chennai headquartered Dr Agarwal’s Health Care Ltd (DAHCL), one of the pioneers in eye care for over a half century has, on Thursday, announced it raised US$ 80 million from existing investors – the TPG Growth (the middle market and growth equity platform of leading global alternative asset management firm, TPG) and Temasek, (a global investment company headquartered in Singapore).
- Eyecare chain plans to deploy the amount to expand the current network of over 150 centres to over 300 centres in the next 3 years
- We continue to be excited about the growth potential of DAHCL and share the company’s vision of providing world class clinical outcomes along with compelling financial performance: Ankur Thadani, Business Unit Partner in TPG Growth.
- DAHCL will go for public issue in another 2 years to raise funds for further expansion: Prof (Dr) Amar Agarwal, Chairman, Dr Agarwal’s Group of Eye Hospitals
- We have an existing network presence of 15 hospitals in Africa, and we will be deepening our presence in Kenya, Zambia, and Tanzania and look to add 10 centres across these countries: Dr. Adil Agarwal, CEO, Dr. Agarwal’s Group of Eye Hospitals
Addressing the media, Prof (Dr) Amar Agarwal, Chairman, Dr Agarwal’s Group of Eye Hospitals said, “The fund raised will provide significant capital to fuel the company’s expansion plans. We are planning to expand the current network of 150 centres to over 300 centres in the next 3 years. As of now, we have 12 clinics across Tamil Nadu and it would be raised to 50 before this year. These clinics would screen all the patients on free of cost, if anybody needed advanced surgeries, they would be referred to the nearby big hospitals of DAHCL.’’
Dr Amar Agarwal 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.”
He further said, “The company has new projects in development in Mumbai, Punjab, central and northern India. DAHCL continues to achieve growth and success in its key markets, including Tamil Nadu, Karnataka, Maharashtra, Gujarat, Punjab, Telangana, Andhra Pradesh, Kerala, and West Bengal. Along with the expansion of the network, the company will also be investing in technological advancements for vision correction such as SMILE, Laser Cataract Surgery and for advanced technologies to treat Vitreo-retinal diseases such as Diabetic Retinopathy and Age-related macular degeneration,’’ he added.
“We continue to be excited about the growth potential of DAHCL and share the company’s vision of providing world class clinical outcomes along with compelling financial performance. Dr. Agarwal’s has the potential to become the global leader in eye care segment,” said Ankur Thadani, Business Unit Partner in TPG Growth.
Dr. Adil Agarwal, CEO, Dr. Agarwal’s Group of Eye Hospitals added, “The investment will be used to support the business through its next phase of growth, including the acquisition of small hospitals and chains as well as greenfield expansion of our network. We are looking at doubling our network in the next 3 years and are also looking to expand aggressively in Maharashtra, Punjab, Delhi, Uttar Pradesh, and central India besides penetrating deeper into our existing markets. 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. We have an existing network presence of 15 hospitals, and we will be deepening our presence in Kenya, Zambia, and Tanzania and look to add 10 centres across these countries.”
Replying to a query, Dr Adil Agarwal said that DAHCL will go for public issue in another 2 years to raise funds for further expansion.
Veda Corporate Advisors was the financial advisor to Dr Agarwal’s Health Care Ltd. on this transaction.
