TPG, Temasek add $80 to India's Dr Agarwal's
TPG Growth and Temasek Holdings are funding a USD 80m expansion drive for existing investee Dr Agarwal’s Eye Hospital that will see the Indian eyecare chain double its footprint to 300 hospitals.
TPG and Temasek co-invested about USD 136m in Dr Agarwal’s as recently as May last year. Temasek first backed the company in a USD 38m round in 2019, according to AVCJ Research. Funding since 2012 now exceeds USD 340m, with prior backers including the likes of British International Invesment, ADV Partners, and Evolvence Capital.
The hospital network expansion planned for the latest funding is hoped to roll out over the next three years, with new locations to be established in Mumbai, Punjab, and across central and northern India, as well as Africa. At the time of TPG’s and Temasek’s last investment, Dr Agarwal’s had 105 hospitals; it now has 151.
CEO Adil Agarwal noted that much of the expansion would be in India’s tier-two and tier-three cities. “Africa is another important geography for us,” he said in a statement. “We have an existing network presence of 15 hospitals, and we will be deepening our presence in Kenya, Zambia, and Tanzania and look to add 10 centres across these countries.”
There will also be investments in vision correction technology, including equipment for laser cataract surgery in addition to treatments for vitreoretinal diseases and age-related macular degeneration. Dr Agarwal’s also has competencies in specialisations such as paediatric ophthalmology, ocular oncology, neuro-ophthalmology, and ophthalmic plastic surgery.
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