AVCJ

IFC leads $10m round for India eye hospital chain

  • Holden Mann
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International Finance Corporation (IFC) has invested $5.5 million in Indian eye clinic chain Eye-Q Vision, leading a round of financing for the company worth $10 million.

Nexus Venture Partners and Helion Venture Partners also participated.

IFC said in a statement that the new capital would be used to expand Eye-Q's network of clinics. The company currently operates 28 facilities in five states, and serves nearly 350,000 patients each year. It plans to double its patient reach within four years.

Few of the estimated 200 million Indians with vision impairments can access quality hospitals. Eye-Q's clinics are meant to provide specialist services to these low-income patients and help bridge the access gap.

IFC has experience investing in Indian specialty health clinics. For example, last year it provided $7 million to dialysis chain Nephroplus. The group is also active in the country's non-specialist healthcare system, having committed $100 million to hospital chain Fortis Healthcare in 2013 and $147 million to Jubilant Pharma in 2014.

While this is IFC's first investment in Eye-Q, Nexus and Helion both participated in the company's last two rounds of funding in 2011 and 2014, according to AVCJ Research.

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