Sequoia invests $9.3m in Indian eye hospitals

Established in 2006 by Dr. Arun Singhvi and Dr. Shashank Gangare, ASG offers specialist treatment for eye conditions, such as cataracts and glaucoma, as well as cosmetic eye surgery.

The hospitals also offer 24 hour emergency services for trauma incidents and an eye banking facility, for cornea transplants to remove blindness. The company claims to have treated 500,000 patients to date. ASG currently has a presence in six cities across Rajastan and plans to expand to Jharkhand, Madhya Pardesh, Uttar Pradesh, Chhattisgarh and Bihar.

"The team led by Dr Arun and Dr Shashank are highly committed towards building an accomplished healthcare institution focused on patient-centered care," said Abhay Pandey, managing director with Sequoia Capital India Advisors, in a statement.

The hospital has also tapped into the medical tourism market with its International Patients Centre, which provides travel arrangements and accommodation alongside medical referrals and appointments.

Private equity firms have been seeking out opportunities in this space, both in India and Southeast Asia, for a while now. In January Olympus Capital Asia invested more than INR5 billion for a minority stake in Dubai-based DM Healthcare which has been trying to promote the port-town of Kochi in Kerala as destination for medical tourism.

Last December The Abraaj Group secured a 3x return on its investment in Bangkok-based Vejthani Hosptial. Both before and during the holding period the hospital had been seeking to increase its exposure to medical tourism with the number of its international patients increasing by 40% in 2011.

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• Topics
• Healthcare
• Expansion
• Investments
• South Asia
• healthcare
• India
• Olympus Capital Holdings Asia
• Sequoia Capital
• Abraaj Capital