Dr. Agarwal Group of Eye Hospitals Raises Rs. 270 Crore Funding from Temasek for Investment, Expansion and Acquisition Plans
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(L-R) Dr. Adil Agarwal, CEO and Prof. (Dr.) Amar Agarwal,
(MS, FRCS, FRC Ophth), Chairman
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Dr.
Agarwal Group of Eye Hospitals Raises Rs. 270 Crore Funding from Temasek for Investment,
Expansion and Acquisition Plans
Chennai, 13th February 2019: Dr. Agarwal’s Healthcare Ltd. (DAHCL) has raised Rs. 270
crore investment from Temasek, a global investment company headquartered in
Singapore. The investment will be used to expand the Indian geographical
footprint of the international eye care chain, along with significant
investments in latest technology for super specialty eye-care.
Temasek is a global investor
anchored in Asia, with India accounting for around 4% of its S$308 billion
(US$235b) portfolio as at 31 March 2018. Temasek‘s healthcare portfolio in
India includes investments in Medanta MediCity, Manipal Hospitals and
HealthCare Global.
“The Agarwal Group is excited to
welcome Temasek as an investor. We believe their expertise and support will
help our company expand our network of clinics and operations to better meet
the growing demand for affordable and quality eye care across India.” said Prof.
(Dr.) Amar Agarwal, (MS, FRCS, FRC Ophth), Chairman, Dr. Agarwal’s Group of Eye
Hospitals.
Dr. Adil
Agarwal, CEO, Dr. Agarwal’s Group of Eye Hospitals said that “We are looking at adding anywhere between 50-75
hospitals to our network over the next 3-5 years with a major focus on metro
cities as well as tier 2 and tier 3 towns. The expansion will be done through a
mix of strategic partnerships, acquisitions and greenfield hospitals.
Innovation and technology will continue to be at the forefront of our growth,
and we will be investing more in cutting edge technology such as SMILE,
FemtoLaser and Robotic Cataract Surgery across our centers. Our aim is to
deliver high quality eye care at affordable prices at people’s doorsteps”.
Veda Corporate Advisors, a leading
mid-market investment bank advised the Company on the transaction. Veda also
advised the Company on its previous round of investment from ADV Partners.
The Dr Agarwal Eye Hospital group
has been at the forefront of innovation in the field of Ophthalmology with
procedures such as Glued IOL (to treat patients with complicated lens
problems), PDEK (an ultra-modern form of Corneal transplants) and PhakoNIT
(Removal of Cataract through a sub 1mm incision). The latest invention from the
group is a novel technique called “Single-Pass Four Throw” (SFT) along with
“Pin Hole Pupilloplasty”, which is also referred to as PPP. The surgical
technique is being used to help in pupillary reconstruction as well as to treat
complicated cases of Narrow Angle Glaucoma. There is also a lot of focus
on education and training and the group attracts doctors from across the globe
for its training programs; They also offer a DNB (post graduate) program and
various fellowship programs to train young, budding surgeons.
“ADV welcomes Temasek as a new
partner in Dr Agarwal’s growth story; this investment will further strengthen
the company’s leadership position in India’s eye-care ecosystem” said Mr.
Suresh Prabhala, Co-founder, ADV Partners. ADV Partners invested Rs 270
crores in Dr Agarwal’s HealthCare Ltd in 2016 and has been a key component of
the company’s board and growth story.
About Dr Agarwal
Dr. Agarwal’s Group of Eye Hospitals
started as a single facility in Chennai in the year 1957. Now the hospital
chain has a total presence of 76 hospitals with 63 centres in India (across 13
states) and 12 hospitals in Africa (across 10 countries). A tertiary eye care
center set up at Mauritius in 2010 marked its entry into the international
market.
The group offers a complete gamut of
eye care services such as Cataract, Laser correction, Vitreo-Retinal Surgery,
Corneal transplantation, Glaucoma and Squint at its centers. In addition to
this, super-specialty eye care services such as Pediatric ophthalmology, Ocular
Oncology, Neuro ophthalmology, Uvea and Oculoplasty are also offered at its
tertiary hubs.
About Temasek
Incorporated
in 1974, Temasek is a global investment company headquartered in Singapore.
Supported
by our network of international offices, Temasek owns a S$308 billion (US$235b)
portfolio as at 31 March 2018, with significant exposure to Singapore and the
rest of Asia.
Our
investment activities are guided by four investment themes and the long term
trends they represent: Transforming Economies; Growing Middle Income
Populations; Deepening Comparative Advantages; and Emerging Champions.
Our
investment strategy allows us to capture opportunities across the sectors in
which we invest that help bring about a better, smarter and more connected
world.
We actively seek sustainable
solutions to address present and future challenges. Across the three pillars of
the Temasek Charter, we recognise the need to do well as an investor; to do
right as an institution; and to do good as a steward.
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