Dr Agarwal’s Health Care Raises INR 1,000 Crore From TPG Growth And Temasek

Under India’s largest fund raise in the eye care space, Dr Agarwal’s Health Care has raised over INR 1050 crore from TPG Growthand arm of Texas Pacific Group and Temasek.

This funding will provide significant capital to fuel the company’s expansion plans and pave the way for an exit for existing investor, ADV Partners. The company also raised INR 270 crores investment from Temasek in 2019.

Amar Agarwal, Chairman, Dr. Agarwal’s Group of Eye Hospitals, "We have had a great journey with our investor, ADV Partners, over the past 6 years. We are very excited to partner with TPG Growth and Temasek and look forward to the next phase of growth of our company. Backing from such world-renowned marquee investors further strengthens our ideology of providing quality eye care to the people and bringing advanced technology to far-reaching corners of the country. The new investments will be used to expand our Indian and international footprint and deploy the latest technologies for super-specialty eyecare.”

Dr Agarwal’s Group of Eye Hospitals has been on a growth spree across the country, with over 60 units added to its network in the past five years alone. It plans to deploy capital to expand the current network of 105 hospitals to over 200 hospitals in the next 3-4 years. The company notched revenue of over INR 700 crores in FY22.

Managing Director of TPG Growth Ankur Thadani said that the healthcare sector in India is a core focus for TPG. He said, “We are proud to be partnering with the number one private eye care chain in the country to continue delivering critical eye care to a market that has a disproportionately high incidence of visual impairment.”

The Group’s presence spans across 11 countries and over 12 states in India. Its facilities are staffed by a team of over 400 ophthalmologists and 3,000 employees. They have treated over 12 million patients so far and offer not only quality eye care but also academic and research programmes in ophthalmology and related fields.

While speaking on the new investment, Adil Agarwal, Chief Executive Officer, Dr. Agarwal’s Group of Eye Hospitals said, “The new investments will enable us to double our network in the next three years and we will be pursuing acquisitions in key markets such as Maharashtra, Gujarat, Punjab, Karnataka, AP, Telangana as well as a rapid green field expansion of our network across the country.”

“Africa is another important geography for us where we have an existing network presence of 15 hospitals. We will be deepening our presence in countries such as Kenya, Mozambique, Tanzania, and Ghana,” he said.

TPG Growth

TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately USD 14.7 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The platform is backed by the resources of TPG, which has approximately USD 114 billion of assets under management.

Temasek

Temasek is a global investment company with a net portfolio value of SUSD 381 billion (USD283b) as on 31 March 2021. Headquartered in Singapore, it has 13 offices in 9 countries around the world. The Temasek Charter defines Temasek’s three roles as an Investor, Institution and Steward, which shape its ethos to do well, do right, and do good. As a provider of catalytic capital, it seeks to enable solutions to key global challenges. With sustainability at the core of all Temasek does, it actively seeks sustainable solutions to address present and future challenges, as it captures investable opportunities to bring about a sustainable future for all. 

Recently, MaxiVision Eye Hospitals, one of the largest eye care networks in Telangana and Andhra Pradesh, with 21 eye hospitals, and over 70 full time eye care surgeons, have announced their aggressive expansion plans to neighbouring states, Tamilnadu, Karnataka and Gujarat.

MaxiVision is one of the largest eye care players in South India, with its super specialty eye hospitals spread across nine cities in Andhra Pradesh and Telangana. With over 27 years of stellar practice in states of Andhra and Telangana, Maxivision is the first choice of quality eye care for the population of these two states.

According to phoenix Research the rise of multiple products with and services is part of a major and important factor that may accelerate the growth of the eyewear market in the 2022-2028 owing to the increasing number of patients suffering from various chronic illnesses leading to visual impairment.