Dr Agarwal's Health Care raises over 1000 crore funding from TPG Growth, Temasek

Said Prof. (Dr.) 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 eyecare 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 latest technologies for super-specialty eyecare."

The company notched a revenue of over ₹700 crores in FY22.

Said Ankur Thadani, MD of TPG Growth: "We are delighted to be working with Dr. Agarwal's Group of Eye Hospitals exceptional and experienced management team to drive the company's growth, expansion, and service enhancements.. The healthcare sector in India is a core focus for TPG, and we are proud to be partnering with the number one private eyecare chain in the country to continue delivering critical eyecare to a market that has a disproportionately high incidence of visual impairment."

Said Suresh Prabhala, Co-Founder and Managing Partner, ADV Partners: "We have had a great partnership with Dr. Agarwal's Group of Eye Hospitals over the past six years. We feel the Group is well poised to take advantage of the tremendous growth potential in the future and we wish the management and the Group continued success."

Added Dr. Adil Agarwal, CEO, Dr. Agarwal's Group of Eye Hospitals: "We have had a tremendous journey together with ADV Partners and are grateful for their firm belief in our vision. We are very excited to partner with Temasek once again and are looking forward to a new journey with the TPG Growth team. Both these groups bring significant experience in healthcare, and we are excited to lean on their expertise to help scale our firm. The new investments will enable us to double our network in the next 3 years and we will be pursuing acquisitions in key markets such as Maharashtra, Gujarat, Punjab, Karnataka, AP, Telangana, etc. as well as a rapid greenfield 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."

Veda Corporate Advisors and Avendus Capital were the Financial Advisors to the company for this transaction.

Dr. Agarwal's Eye Hospitals now has a total network presence of 105 hospitals spread across India and Africa.

"Dr. Agarwal's Group of Eye Hospitals plan to deploy capital to expand the current network of 105 hospitals to over 200 hospitals in the next 3-4 years," the release added.