Eye care chain ASG Hospital Pvt. Ltd on Wednesday said it has raised Rs 1, 500 crore ($188 million) in a round led by new investors General Atlantic and Kedaara Funds.
As part of the transaction, Investcorp will exit while another existing investor, Foundation Holdings will stay put.
This is the largest private equity funding in India’s eye care industry after the Rs 1, 050 crore raised by Dr Agarwal’s Health Care Ltd, earlier in May.
ASG Medical center will use the particular fresh capital to fuel its expansion plans, it said inside a statement.
“This investment further reinforces ASG Eye Hospitals’ success at attracting talented investors, ” said Arun Singhvi, chairman and managing director plus Shilpi Gang, co-founder, ASG Hospital, in the statement.
Aakash Sachdev, co-founder and controlling director, Foundation Holdings, said that ASG Hospital plans to establish a network of over 200 hospitals within the next 36 months.
“With the particular imminent planned acquisition in South India and our high-quality M& A pipeline of regional players, we look forward to partner with two highly regarded and forward-thinking investors at this transformational inflection point within the history of ASG Vision Hospitals, inch added Sachdev.
ASG Hospital was selected by the committee of creditors (CoC) associated with Vasan Healthcare earlier this year to acquire the once haloed Chennai-based eye care string that has a strong presence in the southern region. The decision is awaiting final approval from the National Company Law Tribunal (NCLT).
Earlier within May, in an interaction with VCCircle, Sachdev also declared that ASG Hospital is ramping up its inorganic growth strategy and was is in different stages of discussions with 15 companies for acquisitions.
ASG Hospital, which was founded in 2005 simply by Arun Singhvi and Shashank Gang, elevated its first external financing from Sequoia Capital Indian in 2012 and later raised funding from IDFC Alternatives (which was acquired by Investcorp) and Basis Holdings.
The company’s net sales within fiscal 2020-21 (FY21) grew slightly in order to Rs 143 crore from Rs 140 crore in the previous financial year, according to VCCEdge, the particular data and intelligence platform of VCCircle, as most of the vision care chains were affected by covid-19. Sachdev had said that ASG Hospital’s net sales doubled in the recently ended fiscal year within March 2022 and it is expected to clock around Rs 450 crore within the ongoing financial year.
Shantanu Rastogi, handling director in General Ocean, said that will ASG Attention Hospitals offers already had a positive impact on millions of lives plus in the process, the team has demonstrated its ability to deliver strong performance from scale. Till January, Common Atlantic experienced invested $4. 5 billion in India. It provides several unicorns in its portfolio, including edtech firms Byju’s and Unacademy, Acko General Insurance, broking platform NoBroker and the Nationwide Stock Exchange. In 2020, this also picked up stakes in Jio Platforms Ltd and Reliance Retail Ventures.
Nishant Sharma, CIO and managing partner associated with Kedaara Capital said that the homegrown private equity finance firm with its operational expertise will help bolster the company’s next phase of development. The private equity firm was founded by Manish Kejriwal, former India head of Singapore state investment fund Temasek, and Sunish Sharma plus Nishant Sharma—who were controlling director and principal, respectively, at global private equity company General Atlantic in Indian. Its recent investments include in GAVS Technologies plus online beauty products marketplace Purplle.
This is second personal equity financing in the eye treatment industry within India in less than two months, underlining sustained trader interest in the particular segment. Within May, Doctor Agarwal’s Healthcare Ltd raised Rs 1, 050 crore from brand new investor TPG Growth and existing buyer Temasek. The particular transaction also provided an exit in order to ADV Partners.
The attention care market is expected to grow at the CAGR of 7. 3%, valuing it at $2 billion by 2022, based upon this increasing burden of eyesight diseases plus moderate growth in technological advancements.
Other private equity backed players in the eyes care space include New Delhi-based chain Centre with regard to Sight and Infigo Life Sciences Pvt. Limited.