Dr. Agarwal's Health Care raises over Rs 1,000 crore from TPG Growth and Temasek
Hospitals

Dr. Agarwal's Health Care raises over Rs 1,000 crore from TPG Growth and Temasek

The company also raised Rs 270 crore investment from Temasek in 2019

  • By IPP Bureau | May 11, 2022

Chennai-based Dr. Agarwal's Health Care Ltd. (DAHCL) has raised Rs 1,050 crore from TPG Growth, the middle market and growth equity platform of alternative asset firm Texas Pacific Group which is 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 fundraiser 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 Rs 270 crores investment from Temasek in 2019.

According to 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 eye care 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 the latest technologies for super-speciality eye care."

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 Rs 700 crore in FY22.

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 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."

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

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