TPG, Temasek invest $136m in India's Dr Agarwal’s
TPG Growth and Temasek Holdings have invested a combined INR 10.5bn (USD 136m) in Indian eyecare chain Dr. Agarwal’s Eye Hospital, setting up an exit for ADV Partners.
It is described as the largest ever fundraising event by a company in India’s eyecare segment. ADV committed USD 45m to Dr Agarwal’s in 2016, facilitating an exit for Invascent Capital.
Temasek invested about USD 38m as recently as 2019. Later that year, UK development bank CDC Group, now British International Investment, provided a further USD 30m.
At the time of the ADV investment, Dr. Agarwal’s had 45 eye hospitals in India and 14 in Africa. It now has 105 hospitals across this footprint, although only one additional location was added in Africa.
The idea is to expand the hospital portfolio beyond 200 in the next three to four years with a strong emphasis on Africa. The company has previously expressed interest in expanding into the United Arab Emirates, Sri Lanka, Vietnam, and the Philippines. To date, no such entries have been realised.
Operations encompass a staff of more than 400 ophthalmologists and 3,000 other employees, who have treated more than 12m patients to date. Revenue exceeded INR 7bn in financial 2022, compared to INR 1.6bn in 2018.
“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,” CEO Adil Agarwal said in a statement.
“Both these groups bring significant experience in healthcare, and we are excited to lean on their expertise to help scale our firm.”
Avendus Capital acted as financial advisor to Dr. Agarwal’s on the latest transaction.
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