IDFC invests $12m in Indian eye hospital chain

ASG will use the new capital to deepen its presence in existing markets and to enter new marketS. Currently the company operates 24 eye hospitals in 18 cities in India, along with a facility in Uganda. It plans to open 20 more full-care eye hospitals in India over the next three years.

ASG offers specialist treatment for eye conditions such as cataracts and glaucoma, along with cosmetic eye surgery and laser vision treatment. Its hospitals also offer 24-hour emergency services for trauma incidents and an eye banking facility for cornea transplants. The company claims to have treated more than 700,000 patients since its founding in 2006.

Sequoia invested in ASG in 2013, committing INR500 million for an undisclosed stake. Since the investment ASG has primarily focused on expanding beyond its home territory of Rajasthan, opening facilities in north and central India. The next phase of growth will focus on the country’s southern states.

Several private equity investors have shown interest in India’s vision sector, due in part to a perceived need among India’s low-income population for affordable eye care options. Lenskart, an online eyewear retailer that also provides home eye exams, has received several rounds of PE funding, including a commitment last September from PremjiInvest.

In the clinic space, hospital operator Dr. Agarwal’s Healthcare received a $45 million investment last year from ADV Partners intended to support the expansion of its publicly listed eye hospital chain. In addition, clinic chain Eye-Q Vision has received support from the International Finance Corporation, along with Nexus Venture Partners and Helion Ventures.

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• Topics
• South Asia
• Healthcare
• Expansion
• IDFC Private Equity
• Growth capital
• India