Temasek invests $38m in India eye hospital chain

Dr. Agarwal’s Eye Hospital operates a network of eyecare centers, with 62 facilities in India and 14 in Africa, along with a tertiary care center in Mauritius. It also provides training programs in cutting-edge surgical techniques for aspiring eye surgeons from around the world.

According to a release, the company plans to use Temasek’s investment to support expansion in India, where it aims to add up to 75 hospitals to the network over the next five years through a mix of strategic partnerships, acquisitions, and greenfield construction. Dr. Agarwal’s sees considerable opportunity for growth due to India’s large visually-impaired population – the country accounts for 18% of the world’s people overall but 30% of the legally blind population.

For the year ended March 2018, Dr. Agarwal’s reported INR1.56 billion in revenue for the eyecare business, up from INR1.5 billion the prior year. Over the same period, net profit fell from INR73 million to INR68 million.

Backers of Dr. Agarwal's include ADV Partners, which committed $45 million to the company in 2016. That deal provided an exit for Invascent Capital, which had invested in the company in 2012.

Temasek’s global portfolio stood at S$308 billion ($235 billion) as of March 2018, with India accounting for around 4% of the total. Its India healthcare investments include the Mendanta specialty hospital in Gurgaon and Manipal Hospitals. It is also an investor in Asia Healthcare Holdings, a healthcare-focused operating and investment platform managed by TPG Growth with several assets in India.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Healthcare
• Expansion
• India
• Temasek Holdings
• Growth capital