Avendus Capital Advises Dr. Agarwal’s Health Care on Its INR 1,000+ cr Fund Raise From TPG Growth and Temasek

Chennai-based Dr. Agarwal’s Health Care Ltd. (DAHCL) has closed a landmark fund raise of INR 1,050 crore from TPG Growth, the middle market and growth equity platform of alternative asset firm, Texas Pacific Group, one of the leading investment firms based out of the US, and from existing investor Temasek, a global investment company headquartered in Singapore. The investment round, which is India’s largest fund raise in the eye care space, will also provide significant capital to fuel the company’s expansion plans and pave the way for an exit for existing investor, ADV Partners.

Avendus Capital and Veda Corporate Advisors jointly advised Dr. Agarwal’s Health Care Ltd. on this transaction.

Deal Value

INR 1,000+ cr

Service

Private Equity

Sector

Healthcare

Date

May 2022

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.

Prof. (Dr.) Amar Agarwal

Chairman, 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. We have an existing network presence of 15 hospitals, and we will be deepening our presence in countries such as Kenya, Mozambique, Tanzania, and Ghana.

Dr. Adil Agarwal

CEO, Dr. Agarwal’s Group of Eye Hospitals

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 eye care chain in the country to continue delivering critical eye care to a market that has a disproportionately high incidence of visual impairment.

Ankur Thadani

Business Unit Partner at The RISE Fund

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.

Suresh Prabhala

Co-Founder and Managing Partner, ADV Partners

We are privileged to partner with Dr. Agarwal’s Group of Eye Hospitals, which has firmly established itself as India’s leading eye care services provider. Dr. Agarwal’s will continue to set the benchmark for delivering world-class, affordable eye care services to the large, underserved markets of India and Africa.

Chintan Kothari

Head, Healthcare Investment Banking at Avendus Capital

About Dr. Agarwal’s Health Care Ltd

Dr. Agarwal’s Group of Eye Hospitals has been on a growth spree across the country, with more than 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 in the next 3-4 years. The company notched a revenue of over INR 700 crores in FY22.

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