IIFL acquires Indian eyecare chain

The firm said it plans to invest up to INR700 million ($10.1 million) in Infigo across multiple tranches to support the company’s expansion. It is not clear if this includes the acquisition price. IIFL AMC is investing from IIFL India Private Equity Fund, which launched last year and announced a final close of INR9.5 billion in January.

Infigo was founded by Shridhar Thakur, a former COO of Vasan Healthcare – an eyecare chain backed by Singapore’s GIC Private. It currently operates six centers in Mumbai and plans to open an additional 15 centers – 10 in Mumbai and the rest across Maharashtra state – by mid-2020.

India’s eyecare segment is expected to undergo strong growth in coming years, thanks to its large visually-impaired population – the country accounts for 18% of the world’s people overall but 30% of the legally blind population. PE-backed companies in the sector include Dr. Agarwal’s Eye Hospital, a chain of clinics operated by Temasek Holdings and ADV Partners-backed Dr. Agarwal’s Healthcare.

“In a country where most eyecare practices are individually-run and often lack protocols or standards, there is an opportunity to create a pan-India franchise of specialty eyecare centers,” said Prashasta Seth, a senior managing partner at IIFL AMC. “The current gap in demand and supply, and increasing customer preference for branded chains, presents a unique opportunity.”

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• Topics
• South Asia
• Healthcare
• Buyouts
• India
• IIFL Wealth Managment