Dr. Agarwal’s Group of Eye Hospitals Raises Rs. 215 Crore from CDC Group for Expansion Plans.
- Prof. (Dr.) Amar Agarwal, (MS, FRCS, FRC Ophth), Chairman, Dr. Agarwal’s Group of Eye Hospitals said, “CDC’s investment will immensely help in furthering our vision in bringing affordable world class eye-care services to patients across the globe.”
Chennai, 18th
December 2019: Dr. Agarwal’s Healthcare Ltd. (DAHCL) has raised Rs. 215
crore debt from CDC Group, the world’s first impact investor. The investment will be used to expand the geographical
footprint of the eye care chain across Africa, South Asia and India along with
significant investments in latest technology for super specialty eye-care. The
group has recently set up its first hospital in Mumbai in partnership with Advanced
Eye Institute in Navi Mumbai. Dr. Agarwal’s Healthcare Ltd. (DAHCL) had raised
Rs. 270 crore investment from Temasek, a global investment company
headquartered in Singapore earlier this year.
CDC Group is a development finance institution funded
by the UK government. The CDC group has primarily focused on investing in
developing and under-developed countries for the past 70 years across sectors
such as healthcare, financial services, infrastructure, manufacturing, food and
agriculture, construction and real estate, education, etc. Its direct investments
in health care in India include Rainbow Hospitals, CARE Hospitals, Asian
Institute of Medical Sciences, Narayana Health, etc.
Dr. Adil Agarwal, CEO, Dr. Agarwal’s Group of
Eye Hospitals said that “The investment will help us in
paring down high cost debt. It will also be used for acquisition of small
hospitals and chains. With CDC’s focus on Africa and South Asia, the group is
looking to bolster its international presence. We are also looking to expand
aggressively in Maharashtra, Kerala and central India besides penetrating
deeper into our existing markets. We will also be investing more in cutting
edge technology such as SMILE, Femto Laser and Robotic Cataract Surgery across
our centers.
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(L to R) Dr. Adil Agarwal, CEO, Dr. Agarwal’s
Group of Eye Hospitals; Prof. (Dr.) Amar Agarwal, (MS, FRCS, FRC Ophth), Chairman,
Dr. Agarwal’s Group of Eye Hospitals.
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The Dr. Agarwal’s 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.
“With
CDC’s expertise and relentless focus on developing markets, the group is poised
to move towards greater heights.” said Mr. Suresh Prabhala, Co-founder of 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.
Srini Nagarajan, Managing Director and Head of
Asia CDC Group said, “Our 70
years’ plus track record of investing responsibly across Asia and Africa will to
help drive Dr. Agarwal’s Group’s expansion plans. Furthermore, we will share
our broad healthcare sector experience with this ambitious management team,
helping to bring eyecare to many people in India, Africa and beyond. We look forward
to embarking on a prosperous relationship with Dr. Agarwal’s Group.” Veda Corporate Advisors, a leading mid-market investment
bank advised the company on the transaction.
About Dr
Agarwal’s: 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 91 hospitals with 77 centers in India (across 12 states) and
14 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
CDC: CDC
Group is the world’s first impact investor with over 70 years of experience of
successfully supporting the sustainable, long-term growth of businesses in
South Asia and Africa. CDC is a leading player in the fight against climate
change and a UK champion of the UN’s Sustainable Development Goals – the global
blueprint to achieve a better and more sustainable future for us all. The
company has investments in over 1,200 businesses in emerging economies and a
total portfolio value of £5.8bn. This year CDC will invest over $1.5bn in
companies in Africa and Asia with a focus on fighting climate change,
empowering women and creating new jobs and opportunities for millions of
people. CDC is funded by the UK government and all proceeds from its
investments are reinvested to improve the lives of millions of people in Africa
and South Asia. CDC’s expertise makes it the perfect partner for private
investors looking to devote capital to making a measurable environmental and
social impact in countries most in need of investment.
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